Cornerstone Insurance Plc NGX: CONERST) has formally announced plans to separate its composite insurance operations into distinct general and life insurance entities, in compliance with the Nigeria Insurance Industry Reform Act 2025.
The company, with registration number RC 163170, notified policyholders, regulators, stakeholders, and the public of its intention to unbundle its businesses.
Under the Nigeria Insurance Industry Reform Act 2025, composite insurance operations — which combine general (non-life) and life insurance — are no longer permitted, requiring existing composite insurers to fully separate the two segments.
According to the notice issued today, the general insurance business, including eligible assets and existing policies, will be transferred to FIN Insurance Company Limited, an existing subsidiary of Cornerstone Insurance.
The life insurance business will be transferred to Cornerstone Life Assurance Limited.
The separation will be executed through a Scheme of Arrangement under the provisions of the Companies and Allied Matters Act (CAMA) 2020.
Upon completion, both FIN Insurance and Cornerstone Life Assurance will continue as subsidiaries of Cornerstone Insurance Plc.
The process is subject to necessary regulatory and shareholder approvals and is expected to be finalized in the third quarter of 2026.
Cornerstone Insurance has reassured all its policyholders that the terms and conditions of existing policies will remain unchanged and fully valid during and after the transition.
All Cornerstone Insurance policyholders are also notified that the terms and conditions of existing policies will remain valid and in force, the notice stated.
In fulfillment of regulatory requirements, policyholders are invited to inspect the Scheme document free of charge at Cornerstone Insurance’s principal and branch offices from Friday, June 12, 2026, to Friday, July 3, 2026 Inspections can be conducted on business days between 9:00 am and 5:00 pm (excluding weekends and public holidays).
Administrator and Writer
