The first insurance company in Nigeria to provide customers with an online platform for insurance transactions, Cornerstone Insurance Plc, is also poised to expand to other parts of the Country following a recent acquisition of 96 per cent stake in Fin Insurance Plc.
Mr Ganiyu Musa, Group Managing Director/CEO of Cornerstone Insurance, said that it has fully acquired Fin Insurance and have received the approval of National Insurance Commission (NAICOM) and Securities and Exchange Commission (SEC) to list the shares on the floor of the Nigerian Stock Exchange .
According to him Cornerstone Insurance owns 96 per cent stake in Fin Insurance and after consolidation of its financial statement its shareholders fund will move from N7.8billion to over N12billion.
The Cornerstone boss added that the acquisition will place Cornerstone as one of the biggest players in the insurance industry in Nigeria and will able to improve its accesses to risk that are ordinarily not available for lower capitalised companies.
He said that “with N12billion capital base and reinsurance capacity, there is no class of business you cannot underwrite in this country and it gives better assurance to your distribution partners such as the brokers and even the insured that they have a strong partner. “
In terms of channel delivery, he said “we have invested a lot in improving our technology platform and infrastructure both in terms of investment in the people and the infrastructure and this makes us one of the companies that have the best technology platforms in the insurance industry.”
On branch network he said acquisition of Fin Insurance is one of our immediate benefits as Cornerstone is now present in 30 different locations across the six geo-political zones of the country, adding that “we have moved from 15 branch network to 30 branch network”.
On partnership with Airtel Insurance he said, “Beginning from late 2014 we commenced a partnership with Airtel Insurance and now we have more than 1.6million subscribers, two and the half times of this number attempted to register for the product. This only means there is appetite for insurance and we at Cornerstone is ready to deepen insurance penetration in Nigeria.