KAMPALA – The acquisition of a majority stake in NIC Holdings Limited by Cornerstone Asset Managers has entered its final stage and is now awaiting the necessary regulatory approvals.
Speaking at the company’s 25th Annual General Meeting (AGM), newly appointed NIC Holdings board member Professor Sejjaaka Kisakye Samuel described the transaction as a major milestone in the company’s growth journey. He said the acquisition is expected to strengthen NIC Holdings’ competitiveness while creating long-term value for shareholders, customers, and the wider Ugandan economy.
Once the transaction receives regulatory approval and is completed, Cornerstone Asset Managers will hold its majority stake in NIC Holdings through a Special Purpose Vehicle (SPV), TWENTY ONE VENTURES Limited. This arrangement will transfer majority ownership to a fully Ugandan-owned entity, while the remaining shares will continue to be publicly traded on the Uganda Securities Exchange.
Professor Sejjaaka said the acquisition demonstrates Cornerstone Asset Managers’ commitment to building a stronger, locally owned insurance company that understands and responds to the evolving needs of Ugandan customers. He noted that the new ownership intends to reposition NIC Holdings by developing innovative insurance solutions tailored to the unique risks, aspirations, and changing demands of individuals and businesses across the country.
As part of its transformation strategy, the company will prioritize the digitization of underwriting and service delivery processes to improve operational efficiency, enhance customer experience, and expand access to insurance products nationwide.
The acquisition also brings significant industry expertise to NIC Holdings through seasoned professionals, including Cornerstone Asset Managers Managing Director Simon Mwebaze, the former Managing Director of Old Mutual Investment Group Limited. His extensive experience in building high-performing financial institutions is expected to provide strategic leadership as the company embarks on its next phase of growth and transformation.
Looking ahead, NIC Holdings will focus on strengthening operational performance, restoring profitability, enhancing shareholder value, and building the capacity to deliver sustainable dividends, while positioning itself among Uganda’s leading insurance providers.
“This acquisition is more than a change in ownership. It represents a commitment to building a stronger, more innovative Ugandan insurance company that delivers sustainable value to customers, shareholders, and the communities we serve. We are excited about the opportunities that lie ahead as we shape the future of insurance in Uganda,” Professor Sejjaaka said.
