Cornerstone Insurance Unbundles Under Reform Act 2025

Cornerstone Insurance Plc has announced its intention to unbundle its composite business structure in compliance with the Nigeria Insurance Industry Reform Act 2025. This act mandates a strict legal separation between life and non-life insurance operations.

As part of this restructuring, Cornerstone's general insurance assets and existing policies will be fully transferred to its subsidiary, Fin Insurance Company Limited, while its life insurance portfolio will transition to Cornerstone Life Assurance Limited. The company aims to ensure compliance with the law and enhance market focus through this strategic separation.

The unbundling process is expected to be completed within the third quarter of 2026, following regulatory and judicial approvals. Customers have been assured that their coverage will remain uninterrupted, and existing policy terms will remain valid.

The restructuring is part of a broader industry shakeup triggered by the landmark NIIRA 2025, which seeks to align Nigeria's insurance market with global best practices.