KAMPALA. A new firm -Cornerstone Asset Managers Limited has announced plans to acquire a 64.95 percent majority stake in National Insurance Company (NIC) Holdings Limited.
The proposed transaction, which remains subject to regulatory approval, will see Cornerstone take control of the parent company of NIC General Insurance Company Limited and NIC Life Assurance Company Limited.
In a statement, Cornerstone said the acquisition forms part of a broader strategy to reposition NIC Holdings into a “modern, competitive, and leading insurance business” supported by stronger governance structures, operational discipline and strategic investment.
NIC Holdings traces its roots back more than six decades and remains one of Uganda’s oldest insurance institutions, with a longstanding footprint in the country’s financial services sector.
Cornerstone Managing Director Simon Mwebaze said the transaction presents an opportunity to preserve and strengthen the insurer’s legacy while driving future growth.
“This acquisition provides an opportunity to build on National Insurance Corporation’s over 62 years of legacy and established presence in Uganda’s insurance sector. Our focus is on supporting its continued growth, reinforcing sound governance, and ensuring it remains a reliable institution for clients, shareholders, and the wider market,” Mr Mwebaze said.
The asset manager added that the move reflects its ambition to play a more transformative role in Uganda’s financial services industry through long-term investments aimed at creating value for shareholders and the broader market.
Cornerstone is a licensed fund manager regulated by the Capital Markets Authority Uganda and the Uganda Retirement Benefits Regulatory Authority.
The company provides investment management services including unit trust funds, provident fund management, fixed income investments, cash management and private wealth solutions.
Further details about the transaction are expected after the completion of the regulatory approval process.
NIC Holdings Limited (NIC) is one of Uganda’s oldest insurance groups, originally founded in 1964 as the National Insurance Corporation. It is notable for being the first and only insurance company listed on the Uganda Securities Exchange (USE).
NIC General Insurance Company Limited specializes in non-life insurance products such as motor, fire, marine, and aviation coverage while NIC Life Assurance Company Limited exclusively manages life insurance, savings solutions, and pension schemes.