Cornerstone Insurance Plc has notified the Nigerian Stock Exchange (NSE) and the general public that its unaudited financial statements for the First Quarter ended March 31, 2020, was duly considered and approved at the board meeting of the company held recently.
The company’s approved financial statements would be available for filing as soon as the company obtains approval from the National Insurance Commission and files its 2019 audited financial statements with the Exchange.
Cornerstone Insurance Plc was incorporated on July 21, 1991, as a private limited liability company and became a public limited liability, quoted on the NSE in 1997. The organization was established to conduct Insurance business in a professional, ethical, and customer-focused manner and has remained committed to these values over the years.
Meanwhile, Nairametrics had reported that Cornerstone Insurance Plc was in merger talks with some insurance companies ahead of the recapitalization deadline set by the National Insurance Commission (NAICOM) for the insurance sector.
The move is to strengthen its capital base. The Group Managing director of the company, Ganiyu Musa, said consolidation with other market players was more efficient compared to just seeking fundraising.
Although Musa didn’t reveal the names of the insurance companies negotiating with Cornerstone Insurance, he said consolidation would place the firm in a stronger position, boost expertise, improve technical capacity and even strengthen the capital base of Cornerstone Insurance.