Urethane-modified polyisocyanates having an NCO-content of from 5 to 45 wt. % are made by reacting an organic polyisocyanate or mixture of polyisocyanates having an NCO-content of from 30 to 50 wt. % with an organic polyhydroxyl compound or mixtures of polyhydroxyl compounds. The organic polyhydroxyl compound must include at least 10 hydroxyl equivalent percent of an alkoxylation product of a bisphenol corresponding to a specified formula containing two alcoholic hydroxyl groups and having an OH number of from 112 to 389. The reactants are employed in quantities such that the NCO:OH equivalent ratio is from 2:1 to 50:1. The urethane-modified polyisocyanates of the present invention are particularly useful in the production of polyurethanes by the isocyanate polyaddition process.