Semujju Andrew

NIC HOLDINGS LTD

NIC Holdings Limited (NIC), was established in 1964 as a wholly owned Government parastatal then known as National Insurance Corporation, the leading provider of insurance and financial services in Uganda. In 2005, NIC was privatized with the continental insurance giant, industrial and General Insurance Plc (IGI) acquiring majority (60%) stake through its special purpose vehicle, Corporate Holdings Limited. In 2010, the balance 40% shares were retained by government after privatization, was sold to the public in an IPO process and the company was listed on the Uganda Securities Exchange becoming the only insurance company in Uganda to be listed on the USE. In 2014, pursuant to the Insurance (Amendment) Act which required composite insurance companies to separate their insurance services under different entities for Life and non-Life insurance services, the company was restructured and re-branded into an insurance group - a holding company and two virile wholly owned insurance subsidiaries, NIC General Insurance Company Limited (NIC General) and NIC Life Assurance Company Limited (NIC Life). Both NIC General and NIC Life have maintained the group's celebrated reputation for excellence in service delivery.