Shareholders of Cornerstone Insurance Plc have approved a restructuring scheme that will separate the company’s life and non-life insurance operations. This transformation will see the firm become a non-operating holding company, to be known as Cornerstone Holdings Plc.
The approval was granted at a Court-Ordered Meeting held virtually on June 26, 2026, according to a disclosure issued by the company. Shareholders adopted the scheme document dated June 15, 2026, paving the way for the transfer of the company’s insurance businesses to separate subsidiaries.
Under the approved scheme, all admissible assets, liabilities, and undertakings associated with Cornerstone’s non-life insurance business will be transferred to FIN Insurance Company Limited. This transfer covers assets and obligations including real property, contractual rights and liabilities, intellectual property, and operating licences linked to the non-life insurance segment.
As part of the restructuring, shareholders approved the change of the company’s name from Cornerstone Insurance Plc to Cornerstone Holdings Plc, reflecting its new role as a non-operating holding company overseeing its subsidiaries. Any pending or future legal proceedings relating to the non-life insurance business would, upon court sanction, be continued by or against FIN Insurance.
Similarly, the company’s life insurance business, together with its related assets, liabilities, contractual obligations, intellectual property rights, and licences, will be transferred to Cornerstone Life Assurance Limited. Any litigation connected to the life insurance operations will also be assumed by Cornerstone Life Assurance after the scheme receives court approval.
The disclosure further stated that Cornerstone Holdings will be authorised to receive inadmissible assets, real property, and any excess capital from FIN Insurance. Shareholders also empowered the board to amend the company’s Memorandum and Articles of Association, appoint professional advisers, and undertake all necessary actions required to implement the restructuring.
The scheme remains subject to court sanction and the fulfilment of other regulatory and legal conditions. Cornerstone Insurance had initiated this corporate restructuring programme to comply with the provisions of the Nigerian Insurance Industry Reform Act 2025. Cornerstone holds a 96.68% equity stake in FIN Insurance Company Limited.
