Hospitality Industrial Commercial Underwriting Managers Pty Ltd (HIC) was initially established as Hospitality Industries Underwriting Consultants (Pty) Ltd (HIU) in 1998 as a joint venture between Allianz Insurance Company Ltd and Lireas Holdings (Pty) Ltd, a subsidiary of Hannover Re Africa Limited. 

The then HIU identified the demand for structured asset protection and risk management solutions to all the many segments comprising the hospitality industry. In 2009 HIU expanded into all areas of the general commercial and industrial underwriting arena without losing focus on their specialist hospitality underwriting business. As a result of this expansion HIC - Hospitality Industrial Commercial Underwriting Managers – was launched on 1 September 2010 thereby encompassing all product offering.

Since 1998, HIC has grown to a staff compliment of 50 with four branches in Johannesburg, Kloof (KZN), Nelspruit and Cape Town, and satellite offices in Port Elizabeth, Polokwane, Pietermaritzburg, Bloemfontein and Pretoria.