Shareholders

Lireas Holdings (Pty) Ltd, the investment arm of Hannover Re, are the majority shareholder of Garagesure Consultants & Acceptances. Mahogany Capital in turn own a 49% stake in Lireas Holdings.

Principal

Garagesure underwrites on behalf of Compass Insurance Company Limited. Compass, under the capable leadership of Paul Carragher, have consistently achieved strong financial results. They have an “A+” credit rating from Global Credit Rating and recently achieved R502 million GWP in their 2006 financial statements.

Reinsurer

Hannover Reinsurance Group Africa is the holding company for the P&C (Hannover Reinsurance Africa), Life (Hannover Life Reassurance Africa), Speciality insurance (Compass) and Strategic Investment (Lireas Holdings) operations of Hannover Rückversicherung AG in Southern Africa. 

Hannover Reinsurance Africa is the Property and Casualty reinsurance underwriting arm of Hannover Rückversicherung AG, responsible for the Sub Saharan region in Africa. The Company has built up a wealth of underwriting experience having operated in the Region for over 50 years.

Hannover Re Africa pursues a strategy of sound technical underwriting, specialising in providing non proportional capacity to Non Life Insurance companies and Quota Share support to Niche and Specialist Underwriters. Within this mandate the company provides significant capacity with a high degree of local authority and responsiveness, backed by one of the largest reinsurance companies in the world.

Their current Standard and Poor’s credit rating is BBB+