Cornerstone nears majority takeover of Uganda's NIC Holdings, pending insurance regulator sign-off

Cornerstone Asset Managers is acquiring a majority stake in Uganda's NIC Holdings, and the transaction has entered its final phase. The news came at NIC Holdings' 25th Annual General Meeting, where newly appointed board member Samuel Ssejjaaka confirmed the deal is awaiting final regulatory approvals.

The Capital Markets Authority has already approved the transaction. The remaining sign-off is expected from the Insurance Regulatory Authority, covering both general insurance and life assurance.

On completion, Cornerstone will hold its stake through a special purpose vehicle, Twenty One Ventures Limited, transferring majority ownership to a fully Ugandan-owned entity. The remaining shares will continue trading on the Uganda Securities Exchange.

Cornerstone plans to revitalise NIC Holdings' market position with new insurance products, prioritising digital transformation of its underwriting and service delivery. Ssejjaaka said the main target is ensuring NIC "reclaims its past glory by dominating the market share" as a company "run by Ugandans for Ugandans."

The deal brings in financial sector leaders including Simon Mwebaze, managing director of Cornerstone Asset Managers and former managing director of Old Mutual Investment Group. Ssejjaaka framed Cornerstone's role as fiduciary, saying: "As stewards of other people's money, we are expected to create value for those people."

The transaction marks a shift toward local ownership in Uganda's insurance sector, with NIC Holdings targeting restored profitability, higher shareholder value, and sustainable dividends. It reflects a broader push to build homegrown financial institutions tailored to local market needs.