Shield Insurance Brokers & Risk Management Ltd

What Shield Insurance Brokers & Risk Management Ltd does

Shield Insurance Brokers & Risk Management Ltd (SIBARM) is a privately held insurance brokerage and risk management firm headquartered in Accra, Ghana, with a regional branch in Kumasi. Founded in April 2009 and operating under Ghana's Insurance Law, 2021 Act 1061, the company intermediates between clients and a network of more than 20 insurance providers (including EIC Insurance, Star Assurance, Donewell Life, Ghana Life, Saham Ghana, Priority Insurance, Vanguard Assurance, and SUNU Assurances Nigeria), earning commission-based revenue on premiums placed. The firm has scaled from the bottom of a field of more than eighty Ghanaian brokers to a top-ten position by revenue, serving both individual/family customers and corporate clients across oil & gas, financial services, and other industries, with multi-year anchor relationships such as Petrobay and Quantum Group.

The company's product catalogue spans roughly 25 lines across personal insurance (motor, home, travel, funeral, personal accident, family income protection), corporate insurance (fire and allied perils, motor fleet, marine cargo and hull, group life and accident, professional indemnity, fidelity guarantee, contractors all risks, business interruption, bonds, cash-in-transit, plant and machinery), health insurance, and special risk cover. Shield runs a consultative, sales-led go-to-market with dedicated portfolio managers per client, supported by free pre-loss surveys, insurance audits, periodic risk management assessments, and a 24/7 service philosophy. The firm supplements this relationship-led motion with a basic online insurance application portal covering Group Life, Motor, Fire, Travel, Personal Accident, and Home, plus dedicated claims-processing specialists.

Shield is a thin, traditional operation with no proprietary technology platform, no disclosed funding, and no AI/ML capability. Its workforce of approximately 8 employees includes chartered insurers (ACII), an MBA-trained Managing Director with prior leadership roles at Star Assurance and ESICH Life, a chartered-accountant Board Chairman, and heads of life/health, underwriting/claims, and accounts. The firm is a member of IBAG, WAICA, AIO, UNIBA Partners, the Ghana Petroleum Commission, and the National Health Insurance Authority (NHIA), giving it both regulatory standing and regional referral reach.

Name

Shield Insurance Brokers & Risk Management Ltd

Legal name

Shield Insurance Brokers and Risk Management Company Ltd.

Website

https://shieldinsurancebrokers.com.gh

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1–10 employees

Short description

Shield Insurance Brokers & Risk Management Ltd is a Ghana-based insurance brokerage founded in 2009 that intermediates between clients and 20+ insurance providers. Operating from Accra and Kumasi, the firm serves individual, family, corporate, and special risk clients and ranks among Ghana's top ten brokers.

Ownership category

akta.pro rank

Product category

Insurance Brokerage

NAICS

Insurance Agencies and Brokerages (52421), Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Commercial Lines Insurance Brokerage (FSAEADAB)

akta.pro secondary industries

Retail (Personal Lines) Insurance Brokerage (FSAEADAA), Mid-Market Commercial Package (Package Policies) (FSAJAFAB), Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

Keywords

• Insurance brokerage services
• Risk management consulting
• Commercial insurance solutions
• Personal insurance coverage
• Claims management services

Headquarters

HQ city

Accra

HQ country

Ghana

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Brokerage Commissions: Shield Insurance Brokers earns revenue through commissions paid by insurance providers (insurers) for placing business with them. As an intermediary, the company matches clients with appropriate insurance coverage and earns a percentage of the premium as commission from the insurer.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Shield Insurance Brokers & Risk Management Ltd operates as a licensed composite insurance brokerage firm in Ghana, intermediating between clients and a network of over 20 insurance providers. The company places personal lines (motor, home, travel, funeral, personal accident, life) and corporate lines (fire, marine, motor fleet, liability, professional indemnity, group life, bonds) for individuals and businesses, while also providing risk management consulting, pre-loss surveys, free insurance audits, and claims processing services.

Product overview

Shield Insurance Brokers & Risk Management Ltd offers a comprehensive insurance brokering platform with multiple product lines spanning Personal Insurance (Family Income Protection, Burglary, Home, Travel, Funeral, Personal Accident), Corporate Insurance (Fire, Motor, Critical Illness, Child Education, Mortgage, Credit Life, Workmen's Compensation, Fidelity Guarantee, Contractors All Risks, Business Interruption, Liability, Professional Indemnity, Group Accident, Group Life, Marine, Bonds, Cash-In-Transit, Goods-In-Transit, Plant and Machinery), Health Insurance, and Special Risk categories. The company operates as an insurance broker connecting clients with insurance providers, supported by an online application platform for e-Insurance and claims processing services.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance Brokers motor insurance covering legal liabilities from vehicle use and physical damage to insured vehicles, offered in Third Party, Third Party Fire and Theft, and Comprehensive tiers for individual vehicle owners and corporate fleet operators.
• Home Insurance Package policy covering building and household contents against fire and associated perils, burglary, with optional third-party liability extension and alternative accommodation costs, for residential property owners and tenants.
• Travel Insurance Policy Worldwide protection cover for travelers including accidental death, permanent disablement, bodily injury, emergency services, medical expenses, hospitalization, repatriation, baggage loss, and hijacking coverage.
• Funeral Insurance Life insurance policy providing lump sum payment upon death of insured persons including principal life, spouse, biological children, parents, and optionally other family members.
• Personal Accident Insurance 24-hour cover compensating against sustained bodily injury caused by violent accident resulting in death, permanent or temporary total disability and corresponding medical expenses.
• Family Income Protection Plan Life insurance plan providing regular income if the insured suffers illness or accidental injury leading to incapacity and loss of earnings, paying a lump sum upon death or permanent disability.
• Burglary Insurance Indemnifies against loss, destruction or damage to insured property from theft or attempted theft involving entry or exit from premises by forcible and violent means.
• Fire & Allied Perils / Assets All Risks Policy Protects corporate assets against fire, lightning, explosion, flood, windstorm, earthquake, bursting water, impact damage, and aerial devices; Assets All Risks variant provides broad coverage restricted only by specified exclusions.
• Critical Illness Insurance Pays lump sum for treatment of heart attack, cancer, stroke, Alzheimer's, Parkinson's, kidney failure, coronary artery disease, paralysis, major organ transplant, and multiple sclerosis.
• Child Education Policy Supports parents and guardians in funding children's education with educational fund and life insurance benefit, including optional double accident benefit and premium waiver.
• Mortgage Insurance Protects against repossession of mortgaged property by paying outstanding loan balance upon death of policyholder before full loan repayment.
• Credit Life / Loan Protection Covers debt payments on loans upon insured events including death, total and permanent disability, accidental temporary disability, critical illness, and loss of income due to retrenchment.
• Workmen's Compensation Insurance Covers employer liability for death, injuries or diseases sustained by employees arising out of and in the course of their employment.
• Fidelity Guarantee Insurance Provides compensation for financial losses resulting from fraudulent or dishonest acts committed by employees.
• Contractors / Erection All Risks Insurance Covers loss of or damage to contract works during construction including civil works, erection and installation of plants and steel structures, with third party liability extension.
• Business Interruption Insurance Pays for income lost when business is interrupted by a covered event such as fire or natural disaster, typically added to a material damage policy.
• Public and Product Liability Insurance Covers legal liabilities to third parties for accidental death, bodily injury and property damage occurring in connection with insured's business, including product-related liabilities.
• Professional Indemnity Insurance Covers legal costs and expenses from negligent acts, errors or omissions arising from professional conduct of the insured's business.
• Group Accident Cover 24-hour worldwide group personal accident policy covering death, injury, temporary total disability or permanent disability from accidental, violent, external means with optional medical expense coverage.
• Comprehensive Group Life Insurance 24-hour worldwide policy covering employees against death, total permanent disability, accidental temporary disability and critical illness, extendable to families and workmen compensation provisions.
• Marine Insurance (Cargo and Hull) Marine cargo covers goods against sea and air perils during conveyance with warehouse-to-warehouse coverage; marine hull covers waterborne crafts and vessels against fire, collision, capsizing and other risks.
• Bonds Assists clients in securing construction bonds (bid, performance, advance payment, retention) and custom bonds (warehouse, removal, transit, temporary importation, re-exportation) as required by Ghana Revenue Authority.
• Cash-In-Transit / Money Insurance Covers accidental loss of or damage to cash, bank notes, cheques, money orders during transit, including safe/strong room and till coverage following theft.
• Goods-In-Transit Insurance Covers goods against loss or damage from fire, theft or accident to carrying vehicles during transportation within Ghana.
• Plant and Machinery Insurance Protects construction plants, machinery and equipment such as graders, excavators, cranes, forklifts against accidental loss or damage whilst at work, at rest or during maintenance.
• Health Insurance Cover Covers medical and surgical expenses of insured individuals, reimbursing illness or injury costs or paying care providers directly, including essential health benefits and preventive care.
• Special Risk Insurance Non-traditional insurance for individuals or organizations exposed to higher risks due to dangerous professions or industries, covering death, sickness, and property damage for high-risk occupations.
• Online Insurance Application Platform Web-based e-Insurance platform enabling prospective clients to apply for Group Life, Motor, Fire, Travel, Personal Accident, and Home insurance policies online, with a consultant follow-up after submission.
• Claims Processing Service Claims management service with dedicated specialists providing stress-free, quick and efficient claims processing for business, home, motor, and life policies.

Quantifiable outcome

• Premium savings for clients through competitive quote comparison and active premium negotiation with insurers and reinsurers
• +1 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

15 partnerships are on record, tiered core and regional.

• EIC InsurancecoreOthers · 1 April 2009Insurance provider partner offering various insurance products through Shield's brokerage services. EIC Insurance logo appears in the Insurance Partners section of the website.
• Star AssurancecoreOthers · 1 April 2009Insurance provider partner offering life and general insurance products. Star Assurance logo appears in the Insurance Partners section of the website.
• Donewell LifecoreOthers · 1 April 2009Life insurance provider partner specializing in life and health insurance products. Donewell Life logo appears in the Insurance Partners section.
• Ghana Life (Ghana Life Insurance Company)coreOthers · 1 April 2009Life insurance provider partner. Ghana Life logo appears in the Insurance Partners section of the website.
• First Insurance Company LimitedcoreOthers · 1 April 2009General insurance provider partner. First Insurance Company Limited logo appears in the Insurance Partners section.
• Saham GhanacoreOthers · 1 April 2009Insurance provider partner with regional presence. Saham Ghana logo appears in the Insurance Partners section.
• SUNU Assurances NigeriaregionalOthers · 1 April 2009Regional insurance provider partner operating in West Africa. SUNU Assurances Nigeria logo appears in the Insurance Partners section.
• Priority InsurancecoreOthers · 1 April 2009Insurance provider partner. Priority Insurance logo appears in the Insurance Partners section of the website.
• Vanguard AssurancecoreOthers · 1 April 2009Insurance provider partner. Vanguard Assurance logo appears in the Insurance Partners section.
• Insurance Brokers Association of Ghana (IBAG)coreOthers · 1 April 2009Registered member of the Insurance Brokers Association of Ghana (IBAG), the industry body for insurance brokers in Ghana.
• West African Insurance Companies Association (WAICA)regionalOthers · 1 April 2009Registered member of WAICA, a regional insurance industry association covering West Africa.
• Africa Insurance Organization (AIO)regionalOthers · 1 April 2009Registered member of AIO, the pan-African insurance industry organization.
• UNIBA PartnersregionalOthers · 1 April 2009Registered member of UNIBA Partners, an international network of insurance brokers.
• Petroleum Commission (Ghana)coreOthers · 1 April 2009Registered member of Ghana's Petroleum Commission, enabling the company to serve oil and gas sector clients.
• National Health Insurance Authority (NHIA)coreOthers · 1 April 2009Registered member of NHIA, enabling the company to work with Ghana's national health insurance scheme and related health insurance products.

Scale indicators3 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Hollard Insurance Ghana: South African-headquartered insurance group with a Ghanaian operation offering life and general insurance to individuals and businesses. Comparable because it competes for the same Ghanaian personal and commercial customers across multi-line products.
• SIC Insurance Company (Ghana): State-affiliated Ghanaian composite insurer writing life and general insurance for individuals and enterprises. Comparable because it competes for the same Ghanaian insurance customers across multiple lines that Shield also brokers.
• Enterprise Group (Ghana): One of Ghana's largest insurance groups offering life and general insurance, investment, and pension products directly and through intermediaries. Comparable because it competes for the same Ghanaian personal and corporate insurance customers, including the oil & gas and enterprise segments Shield targets.
• Old Mutual Ghana: Pan-African insurance and investment group with a substantial Ghanaian operation offering life, health, and general insurance to individuals and corporates. Comparable because it serves the same enterprise and individual insurance buyers in Ghana with multi-line offerings.
• Star Assurance Company Ltd: Ghanaian composite insurer offering life and general insurance products directly to consumers and enterprises. Comparable because it competes for the same Ghanaian customers across personal and commercial lines; notably also one of Shield's carrier partners, illustrating the dual competitor-carrier dynamic.
• Vanguard Assurance Company Ltd: Ghanaian general insurance company offering motor, fire, marine and other commercial lines. Comparable because it competes for the same Ghanaian enterprise customers and is also one of Shield's carrier partners.
• Marsh (Marsh & McLennan): Global insurance broker and risk advisor with operations across Africa. Comparable because it serves large enterprise and multinational clients in Ghana and West Africa, competing for the same complex commercial insurance placements Shield handles for clients like Petrobay and Quantum Group.
• Aon: Global insurance and reinsurance broker with a substantial African presence serving large enterprises across multiple geographies. Comparable because it serves the same multinational enterprise insurance-buying segment and competes for risk management and brokerage mandates in Ghana and West Africa.
• Howden: Global insurance broker with a growing African footprint serving enterprise clients across multiple geographies. Comparable because it competes for large commercial insurance placements and risk advisory mandates in Ghana and West Africa.

Regional players

• SUNU Assurances: West African insurance group operating across multiple countries including Ghana and Nigeria. Comparable because it offers multi-line insurance in the same West African geography and is both a competitor and a carrier partner of Shield.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ShieldInsuranceBrokersGh
• LinkedInlinkedin.com/company/shield-insurance-brokers-risk-management-ltd
• Instagraminstagram.com/shieldinsurancebrokers_gh

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shield Insurance Brokers & Risk Management Ltd