Some 20 years ago, HLGC created Home Finance Guarantors Insurance Limited, now HFG(I) ICC Ltd, in Guernsey, as a wholly owned subsidiary, to enable it to access reinsurance, as the local market did not want to participate in this market, and HLGC had to find a willing provider in the United Kingdom. Originally reinsured by Zurich Re, there were certain requirements – one of them being that reinsurance could not be provided cross border. Hence, with the permission of Exchange Control, HFG(I) ICC was created. Over time, and with increased experience, HFG(I) ICC was able to reinsure without Zurich and HFG(I) ICC has been the sole reinsurer to HLGC. Recently, HLGC decided it no longer needed to reinsure as it had sufficient capacity to cover any losses.

HLGC was originally funded by R20 million through grants and non-interest bearing loans. A subsequent loan arrangement with the then IDT created a capital pool of R200 million for HLGC. Ultimately HLGC had this as free standing capital. Half of that was granted to Housing for HIV NPC to assist in the HIV risk management. HLGC retains a healthy balance sheet, with more than sufficient capacity to cover its obligations.

HLGC Board of directors
Nkululeko Sowazi (Chairman), Michael Berry (Chairman Risk, Audit and Compliance), Chris Wakeham and Oliver Barbeau.