Cornerstone Insurance Plc was incorporated on 26th July 1991 as a private limited liability company. The company became a Public Limited Liability company and quoted on the Nigerian Stock Exchange in 1997. It was established to fill the niche for a professional, dynamic insurance company, offering services in line with modern realities. The Company was at inception registered to undertake the following classes of Insurance business: Fire, Accident, Motor vehicle, Workmen’s Compensation, Goods-In–Transit, Marine, Aviation, Oil and Gas, Contractors-All-Risk, and Engineering-All-Risk. In view of the company’s expanding capacity and technical ability, it was licensed in December 1999 to transact Life Assurance business. The company thus became a composite insurance underwriter.
The Company, which is owned and managed by Nigerians, has grown impressively since inception. The company’s authorized and paid up share capital is N5 billion and over N4 billion respectively, while the Shareholders’ funds is about N7.5 billion. Total Assets is in excess of N10 billion.
The company is one of the forty-nine companies cleared and recertified by the Ministry of Finance and the National Insurance Commission [NAICOM] to do both General and Life businesses post-consolidation.
Our Vision
“The first choice financial services provider of global standards”Our Mission
“Pursuing excellence in the delivery of insurance services, with emphasis on our people to ensure added value to our customers and shareholders”
Our Core Values- Integrity
- Empathy
- Professionalism
- Innovation
- Teamspirit
Awards & Rating
Within the last fifteen years of its existence, the Company has performed admirably, winning the coveted Nigerian Insurers Association’s Distinguished Insurer Award in 1997 and the National Insurance Commission’s Award for Development of New Products in 1999. It also won in 2002 the Nigerian Stock Exchange President’s Merit Award in the Insurance sector for best presentation, quality and depth of its annual report and accounts for the year 2001.
The African Insurance Organization [AIO], the continental body of all Insurance companies in Africa, rated Cornerstone Insurance Plc ‘C’ Adequate an AIO-Adequate Insurance company, the first to be so rated in Nigeria. The rating was conducted by Standard and Poor’s, advisors to the AIO Credit Assessment Committee with the support of the United Nations Conference for Trade and Development [UNCTAD] on the basis of assessing the credit strength of AIO members.
Claims Management & Payment
In the 2006 financial year, Cornerstone Insurance Plc paid over N694 Million as various claims to esteemed clients. We operate a centralized claims administration unit where seasoned underwriters are responsible for the claims management process. When claims have been concluded and a duly signed discharge voucher received, claim settlement is concluded in record time. Also, depending on the magnitude of the claim profile, we partner with respectable loss adjusters who are independent consultants engaged to adjust claims when their services are required.
Distribution OutletsWe maintain offices in the following places:
- Abuja
- Port Harcourt
- Ikeja
- Apapa
- Warri
- Kaduna
- Ibadan
- Kano
- Calabar
Business Scope
We provide qualitative and professional services. Our product offerings cover all classes of insurance business blending comprehensive security and affordability in the following categories:
- General Insurance & Risk Management solutions
- Personal & Group Life Assurance solutions
- Deposit Administration & Investment Management solutions
Our Reinsurance Partners
Partnering with Cornerstone Insurance Plc’s is its formidable reinsurance portfolio. We have engaged for the purpose of our unique insurance service, the following reputable re-insurers whose international spread gives us the assurance we need to underwrite your risks.
- Swiss Reinsurance Corporation
- Africa Reinsurance Corporation
- Continental Reinsurance Company Ltd
We look forward to an opportunity to avail you with insurance service at its finest.