Cornerstone Insurance Set to Acquire Majority Stake in NIC

Cornerstone Insurance Company is poised to become a dominant player in Uganda’s insurance sector following an agreement to purchase a majority shareholding in the National Insurance Corporation (NIC). The proposed acquisition involves buying 64.95 percent of NIC’s shares from its current owner, Industrial and General Insurance Plc, a Nigerian entity.

This strategic move is expected to be finalized after receiving the necessary approvals from regulatory bodies. Should the deal go through, it will represent a significant consolidation within the Ugandan insurance market, potentially reshaping competition and service offerings.

Further details regarding the financial aspects and the timeline for regulatory review are anticipated as the transaction progresses. The acquisition signifies a growing interest from regional and international investors in Uganda’s financial services industry.

Source: https://www.monitor.co.ug/uganda/business/insurance/why-cornerstone-is-buying-nic—5453168