Cornerstone Insurance Plc, FIN Insurance Company meet NIIRA 2025 recapitalisation requirement
L-R: Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Mr. Stephen Alangbo; (3rd) Deputy Commissioner for Insurance Technical, National Insurance Commission (NAICOM), Dr. Usman Jankara Jimada; (4th) Commissioner for Insurance, NAICOM, Olusegun Ayo Omosehin; (5th) Deputy Commissioner for Insurance (Finance & Administration) NAICOM, Mr. Ekerete Ola Gam-Ikon, at the presentation of new licence certificates to insurance companies that successfully met the Commission’s new minimum capital requirements in Abuja on Tuesday
Nike Popoola
Cornerstone Insurance Plc and its subsidiary, FIN Insurance Company Limited, have been recognised by the National Insurance Commission (NAICOM) among insurance companies that have fulfilled the recapitalisation requirement under the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
The announcement by NAICOM marks a significant milestone for the Cornerstone Group, reinforcing its financial capacity and commitment to providing dependable insurance solutions to its customers while positioning the Group’s businesses for sustainable growth in Nigeria’s evolving insurance industry.
Commenting on the development, the Managing Director of Cornerstone Insurance Plc, Stephen Alangbo, expressed his appreciation to the company’s stakeholders for their support in achieving this milestone.
“We are pleased that Cornerstone Insurance Plc and FIN Insurance Company Limited have fulfilled the recapitalisation requirements under the Nigerian Insurance Industry Reform Act 2025. This achievement reinforces our financial strength and our capacity to continue bearing the risks entrusted to us and meeting our obligations to our numerous customers.”
“Innovation remains central to our approach, as we continue to develop solutions that respond to the evolving needs of our customers. The continued confidence and support of our partners, brokers and clients have been instrumental in achieving this important milestone, and we deeply appreciate their trust.”
“As we look ahead, we will invest further in technology to make our products and services more accessible and convenient, while continuously improving our overall customer experience. The public can be assured that Cornerstone Insurance Plc, together with its subsidiaries, FIN Insurance Company Limited and Hilal Takaful Insurance Limited, is well capitalised and strategically positioned to meet the evolving needs of our customers and stakeholders.”
The fulfilment of the recapitalisation requirement strengthens the foundation upon which Cornerstone Insurance Plc and its subsidiaries will continue to serve customers and other stakeholders.
For the Group, the milestone goes beyond meeting a regulatory requirement. It reflects a continued commitment to building resilient and dependable businesses with the capacity to take on risks and support customers when they need it most.
The Group appreciates its customers, brokers, partners, shareholders and other stakeholders for their continued confidence, trust and support, which have been instrumental in achieving this important milestone.
