NIC General is a wholly owned subsidiary of National Insurance Corporation Limited (NIC). NIC General was incorporated on 3rd March, 2014 and took over the general insurance businesses of NIC in compliance with the legal requirement for separation of insurance businesses under the Insurance (Amendment) Act.
NIC General is a wholly owned subsidiary of NIC or NIC Holdings Limited [formerly National Insurance Corporation Limited]. NIC General was incorporated on 3rd March, 2014 and took over the general insurance businesses of NIC in compliance with the legal requirement for separation of insurance businesses under the Insurance (Amendment) Act.
NIC (now NIC Holdings Limited) was established in 1964 as a wholly owned Government parastatal and 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. IGI, core investor in NIC, is the largest private sector insurer and the fastest growing insurance company in Nigeria, with premium income in excess of USD$230 million. IGI is aninsurance giant with presence in Ghana, Gambia, Uganda, Rwanda, Europe and America.
With completion of the privatization in 2010, NIC transformed into a wholly privately owned insurance company and the first insurance Company to be listed on the Uganda Stock Exchange. NIC has been restructured and rebranded into an insurance group of choice in a major corporate refocusing initiative in compliance with the Insurance (Amendment) Act.
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