Cornerstone Insurance Plc Plans Business Unbundling in 2026

Cornerstone Insurance Plc (CORNERST) has notified policyholders, regulators, and the public of its intention to unbundle its composite insurance business, following the enactment of the Nigeria Insurance Industry Reform Act 2025, which abolished composite insurance operations in Nigeria.

Under the proposed Scheme of Arrangement, the general insurance business — including its eligible assets and existing policies — will be transferred to FIN Insurance Company Limited, an existing subsidiary of Cornerstone Insurance. The life insurance business, along with its eligible assets and policies, will be transferred to Cornerstone Life Assurance Limited.

Following implementation of the Scheme, both FIN Insurance and Cornerstone Life Assurance will operate as subsidiaries of Cornerstone Insurance Plc. The process requires regulatory and shareholder approval before it can be concluded. Completion is targeted for the third quarter of 2026.

All existing policyholder terms and conditions will remain valid and in force throughout the transition. Policyholders may inspect the Scheme agreement at Cornerstone Insurance's principal and branch offices between June 12 and July 3, 2026, on business days from 9:00 am to 5:00 pm. Further details will be communicated as regulatory and judicial approvals are obtained.