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