Transit Underwriting Managers has been formulated as an alternative market carrier for the growing Goods in Transit insurance market.
Transit Underwriting Managers (TUM) is a subsidiary company of Lireas Holdings (Pty) Ltd, which is 51% owned by Hannover Reinsurance Africa and 49% owned by Mahogany Capital,
which is a Black Empowered Capital company. TUM underwrites its risk through Compass Insurance Company, which is 100% owned by Hannover-re. Hannover-re is one of the largest Reinsurance companies in the world. Compass is the only 100% reinsurance owned
insurance company in South Africa, thus more than ensuring the necessary capital efficiency.
TUM will have full underwriting authority. We aim to provide exceptional turnaround on quotes, issuing of policy schedules and claims administration.
We will administrate the full claims process and have settlement authority. In the event of larger claims, we will administrate the process in conjunction with Compass, all the while ensuring that the process is dealt with in a professional and efficient manner.
TUM does not aim to operate off a broad base but will operate only through selected brokers
on a regional basis. Thus only certain brokers within a geographic region will have access to
us as underwriters, thereby ensuring an element of broker exclusivity.
Our vision is to be the preferred Service Provider for Goods in Transit insurance.