RENASA INSURANCE COMPANY LIMITED
(”RENASA”)
ANNNUAL REPORT 2006
CONTENTS
HIGHLIGHTS OF RECONSTRUCTION PERIOD
- Shareholding restructured - Renasa now wholly owned by Renasa Holdings (Pty) Ltd which is controlled by a shareholder of significant financial strength with substantial interests in the residential property development market.
- Board and executive restructured and head office relocated to Johannesburg.
- Majority of business carried historically cancelled and replaced with business of better quality.
- Governance and controls enhanced.
- Alignment strategy which focuses distribution channels on profitable business implemented.
- Company recapitalised during June 2006 - 43% statutory solvency margin.
- Reinsurance treaties renewed led by Munich Re with support from African Re, Swiss Re and other investment grade reinsurers.
- BBB+ rating granted by Global Credit Rating Company
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