Cornerstone Insurance Plc has announced plans to separate its life and general insurance operations in compliance with the Nigeria Insurance Industry Reform Act 2025, which abolished composite insurance businesses in the country.
In a notice issued on June 12, 2026, the insurer said the restructuring would involve transferring its general insurance business, including eligible assets and existing policies, to FIN Insurance Company Limited, an existing subsidiary.
The company also disclosed that the eligible assets and policies of its life insurance business would be transferred to Cornerstone Life Assurance Limited.
According to the notice, the separation will be implemented through a Scheme of Arrangement under the Companies and Allied Matters Act 2020.
Following the completion of the exercise, both FIN Insurance Company Limited and Cornerstone Life Assurance Limited will operate as subsidiaries of Cornerstone Insurance Plc.
The company stated that the proposed restructuring remains subject to regulatory and shareholder approvals, with completion expected in the third quarter of 2026.
Cornerstone Insurance assured policyholders that all existing policies and their terms and conditions would remain valid and enforceable throughout the transition process.
The insurer also invited policyholders to inspect the agreement underpinning the proposed scheme. The documents will be available for inspection at the company’s principal and branch offices from June 12 to July 3, 2026, on business days between 9:00 a.m. and 5:00 p.m., excluding weekends and public holidays.
The notice was issued in accordance with the requirements of the Nigeria Insurance Industry Reform Act 2025 and directed to policyholders, regulators, stakeholders and the general public.
The ongoing reforms in Nigeria’s insurance sector are aimed at restructuring the industry and separating life and non-life insurance operations to enhance regulatory oversight, improve risk management and strengthen policyholder protection.
