Cornerstone Insurance, FIN Insurance Meet Nigeria's NIIRA 2025 Recapitalization Requirement

Cornerstone Insurance Plc and its subsidiary, FIN Insurance Company Limited, have successfully met Nigeria's updated minimum capital requirements, earning recognition from the National Insurance Commission (NAICOM).

The companies were acknowledged for fulfilling the recapitalization mandate under the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025). This achievement signifies a major step for the Cornerstone Group, demonstrating its enhanced financial strength and commitment to providing reliable insurance services.

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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.

Stephen Alangbo, Managing Director of Cornerstone Insurance Plc, expressed gratitude to stakeholders for their support. "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," he stated. "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."

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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.

Alangbo highlighted the company's focus on innovation to meet evolving customer needs. He also emphasized the crucial role of partners, brokers, and clients in reaching this milestone. Looking ahead, Cornerstone plans to invest further in technology to improve product accessibility, convenience, and customer experience. The company assured the public that Cornerstone Insurance Plc, along with its subsidiaries FIN Insurance Company Limited and Hilal Takaful Insurance Limited, is well-capitalized and strategically positioned for future demands.

This recapitalization not only meets regulatory demands but also strengthens the foundation for Cornerstone Insurance Plc and its subsidiaries to serve customers and stakeholders effectively. The Group reiterated its commitment to building resilient businesses capable of managing risks and supporting clients when needed.

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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.