About Us

Connecting and developing entrepreneurs, insurance companies, underwriting agencies and insurtech companies in the insurance ecosystem.

Who We Are

  • Strategic Investment arm of Hannover Reinsurance Group Africa in conjunction with Mahogany Private Equity.
  • We secure premium income for Hannover Re by means of shareholding in UMAs and insurtech businesses.
  • Insurance (Life and Non-life), specialist/niche focussed underwriting agency (UMA) and insurtech – focussed investment company.
  • We have a 35-year track record of investing in businesses and partnering with entrepreneurs.
  • We are considered the pioneer of the Underwriting Agency model in South Africa.
  • We are among the first local investors to invest in South African Insurtech starts ups.
  • We have an experienced board, management team and corporate finance professionals.
  • We take a value adding, “skin in the game” partnership approach which results in aligned interests.

What We Do

We invest in start-up and mature businesses that support the strategy of Hannover Re in the following ways:

  • Generate sustainable and profitable reinsurance premium for Hannover Re, including Life and P&C business.
  • Enhance profitability of underwriting portfolios through better risk management, risk quantification, risk selection as well as pricing for the reinsurer and its risk carrier partners.
  • Generate profitable returns for all stakeholders.
  • Create new markets, new products and distribution channels for insurance products.
  • Create employment opportunities for talented entrepreneurs and their staff.

How We Do It

  • We have a proven track record and team with extensive experience in insurance, corporate finance, business strategy and corporate governance.
  • We have access to insurance and reinsurance experts as well as actuaries and technology experts within the local and international Hannover Re network.
  • We support our businesses in their financial, operational, strategic, growth, expansion and corporate governance activities.
  • We have long standing relationships in the insurance industry with local and international partners via Hannover Re.

Interesting Facts About Lireas

Business Investments
Invested in 63 business in the
30 years of our existence
(20 non insurance).
Businesses Started
Started 52 businesses in
conjunction with entrepreneurs,
insurers and other investors.
UMA's Investments
Invested in 40 UMAs
(including 3 of the biggest 5
in South Africa).
Pioneered investment in
Insurtechs locally - Invested
in 6 Insurtechs to date.
IRR Achieved
IRR achieved by UMAs
over 30 years.
Jobs Created
Created in excess of 1,700+
jobs over the 30 years.
Insurance Partners
Partnered with 11 insurance
companies in the last 30 years.
Awards & Recognition
Lireas has received various
awards and recognition.
Premium Generated
Premium generated
since 1988.


Hannover Reinsurance Group Africa

Hannover Re is one of the largest reinsurers in Africa and holds a 70% stake in Lireas. Hannover Re provides Lireas with the expertise and security of a German global reinsurer. Hannover Re is 100% owned by Hannover Ruck SE, the third largest reinsurer in the world with operations in over 50 Countries.

Mahogany Private Equity

Mahogany is a diversified private equity firm with interests in a number of industries including insurance. Mahogany provides invaluable strategic guidance and additional corporate finance expertise to the Lireas team.  Mahogany is a black empowered company and Lireas together with the Hannover Re group are proud to have them as a partner in our transformation strategy.