Today’s Alexander Forbes bears little resemblance to the multinational group it was 10 years ago: the eighth-largest insurance broking and consulting firm in the world, in the same division as global giants Marsh, Aon and Willis. Even the previous CEO, Andrew Darfoor, had what was grandly called an "emerging markets" business.

But his successor, Dawie de Villiers, has been selling off businesses in Uganda and Zambia, as well as the short-term insurance brokerage in Namibia...

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