Company profile: Swiss Re Southern Africa

After nearly doubling its gross premium income in 1998, Swiss Re Southern Africa radically restructured both its management structure and business portfolio the next year. It reduced the overall volume of business by 36%, largely by turning away motor, property and alternative risk transfer business and by terminating some of its treaty accounts. ART net premium income was reduced by 77% from R497mn (US$64mn) to R116mn. Net premiums for conventional business fell by 7% to R326mn.