Cornerstone Insurance, FIN Insurance meet NIIRA 2025 recapitalisation requirement
Cornerstone Insurance and FIN Insurance Receive NAICOM License Certificates Following Recapitalization
By Rosemary Iwunze
ABUJA — Cornerstone Insurance Plc and its subsidiary, FIN Insurance Company Limited, have been recognized by the National Insurance Commission (NAICOM) for successfully meeting the new minimum capital requirements set forth in the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
The announcement solidifies the Cornerstone Group’s financial position and underscores its commitment to delivering reliable insurance solutions. This milestone aims to facilitate sustainable growth in Nigeria’s evolving insurance sector.
At a certificate presentation event on Tuesday, attended by NAICOM officials, including Dr. Usman Jankara Jimada, Deputy Commissioner for Insurance Technical, and Olusegun Ayo Omosehin, the Commissioner for Insurance, Mr. Stephen Alangbo, Managing Director of Cornerstone Insurance Plc, expressed gratitude to the company’s stakeholders.
“We are pleased that Cornerstone Insurance Plc and FIN Insurance Company Limited have fulfilled the recapitalization requirements under the Nigerian Insurance Industry Reform Act 2025,” Alangbo stated. “This achievement reinforces our financial strength and our capacity to uphold our obligations to numerous customers.”
Alangbo emphasized that innovation remains central to their strategy, aiming to develop solutions that meet customers’ evolving needs. He acknowledged the significant role of partners, brokers, and clients in reaching this milestone.
“As we look ahead, we will further invest in technology to enhance the accessibility and convenience of our products and services. The public can be assured that Cornerstone Insurance Plc, along with its subsidiaries FIN Insurance Company Limited and Hilal Takaful Insurance Limited, is well-capitalized and strategically positioned to address the changing demands of our customers and stakeholders,” he added.
The completion of the recapitalization requirement builds a robust framework for Cornerstone Insurance Plc and its subsidiaries to continue serving their clients effectively. This achievement reflects a broader commitment to fostering resilient and reliable businesses capable of managing risks while providing essential support to customers.
The Cornerstone Group expressed appreciation to its customers, brokers, partners, shareholders, and all stakeholders for their unwavering support, which has been instrumental in reaching this important landmark.
