IGI split NIC into three firms

Industrial and General Insurance Plc (IGI) has split its Ugandan subsidiary, the National Insurance Corporation (NIC), into three firms as directed by the Insurance Regulatory Authority in the country.

The three companies are NIC Holdings Limited (formerly National Insurance Corporation Limited – an insurance group comprising both life and non-life insurance companies), NIC General (Non-Life Insurance) and NIC Life (Life Assurance business).

Consequently, new boards of directors have been appointed for the NIC group of companies.

Dr Martin Aliker, a former board member, is now the new chair for both NIC Holdings and NIC General. Aliker’s board at NIC Holdings is virtually the same as the one chaired by the late Remi Olowude under the old NIC.

The board of NIC Holdings comprises of Obayomi Lawal, who joins in from IGI’s Rwanda subsidiary, Sonarwa Life Assurance Company Ltd, Rotimi Fashola (vice chairman), Michael Olupot Tukei (from the Finance ministry), Bernard Katureebe and Bayo Folayan (managing director).

At NIC General, Aliker’s board has Olusina Elusakin, a member of the Energy Institute in London, Adeyinka Obalade, a banker based in Lagos, Kenneth Aigbinode, acting CEO of Fidelity bank (Nigeria), Charles Tukacungurwa, Bernard Katureebe and Bayo Folayan (managing director).

At NIC Life, Rotimi Fashola is the chairman, and other members include Michael Olupot Tukei, Obayomi Lawal and Nhamo Mawadza, a technical director at Unic Insurance Plc.

NIC Holdings is 64.9 per cent owned by IGI and 35.05 per cent by the public. Following the appointments, Aliker said the move would be good for the industry.

Source : Independent

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