Cornerstone Insurance Plans Scheme of Arrangement – Court Meeting
Cornerstone Insurance Plc has filed a notice of a Court-Ordered Meeting directed by the Federal High Court, Lagos, scheduled for June 26, 2026, to consider a scheme of arrangement involving the company, FIN Insurance Company Limited, and Cornerstone Life Assurance Limited. The filing discloses resolutions that would transfer the company's non-life and life insurance businesses to separate subsidiaries and convert Cornerstone Insurance into a non-operating holding company.
Cornerstone Insurance Plc (CORNERST) has notified shareholders of a Court-Ordered Meeting to be held virtually on June 26, 2026, at 11:00am, following an order of the Federal High Court dated June 15, 2026, under Suit No. FHC/L/CS/965/2026.
The meeting has been convened under Section 711 of the Companies and Allied Matters Act 2020 to consider a scheme of arrangement involving three entities: Cornerstone Insurance Plc (RC 163170), FIN Insurance Company Limited (RC 38815), and Cornerstone Life Assurance Limited (RC 690522).
If approved, the scheme would transfer all admissible assets, liabilities, and undertakings relating to the company's non-life insurance business to FIN Insurance Company Limited, and all those relating to its life insurance business to Cornerstone Life Assurance Limited. Cornerstone Insurance would retain inadmissible assets and any excess capital from FIN Insurance.
The company's name would be changed to Cornerstone Holdings Plc to reflect its proposed new status as a non-operating holding company, with its Memorandum and Articles of Association amended accordingly.
The statutory approval threshold requires a majority representing not less than three-quarters in value of ordinary shares of members present and voting. Shareholders may vote in person or by proxy, with proxy forms to be lodged at least 24 hours before the meeting.
