National Insurance Corporation - AbsoluteAstronomy.com

National Insurance Corporation Limited (NIC), commonly referred to as National Insurance Corporation, is an insurance company in Uganda

Uganda

Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...

. The company is a leading provider of insurance and risk management services in Uganda.

Overvview

NIC is a medium-sized insurance services provider in Uganda, one of the licensed insurance companies in the country. , the company's total assets were estimated at about US$31.9 million (UGX:73.3 billion).

History

NIC was established by Act of Parliament in 1964. Prior to 2005, 100% of the company was owned by the Government of Uganda. In June 2005, the Government of Uganda divested 60% of its shares in NIC. These shares were acquired by Industrial and General Insurance Company Limited (IGI) of Nigeria

Nigeria

Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...

. In December 2009, the Government of Uganda began the process of divesting entirely from the company by floating its shares on the Uganda Securities Exchange

Uganda Securities Exchange

The Uganda Securities Exchange is the principal stock exchange of Uganda. It was founded in June 1997. The USE is operated under the jurisdiction of Uganda's Capital Markets Authority, which in turn reports to the Bank of Uganda, Uganda's central bank.The exchange's doors opened to trading in...

(USE).

Ownership

Until December 2009, 60% of NIC was owned by a consortium called Corporate Holdings Limited. The consortium is owned by Industrial and General Insurance Company Limited (IGI), Nigeria's leading insurance company (85%) and by local businessmen Patrick Bitature

Patrick Bitature

Patrick Bitature is a Ugandan businessman, entrepreneur and industrialist. He is one of the wealthiest people in Uganda.-Background:Bitature started his business empire with a single company, Simba Telecom, then a retail chain dealership, in MTN air-time...

and Erik van Veen (15%). The remaining 40% of NIC, was owned by the Government of Uganda.

Beginning on 31 December 2009, the Government initiated the process to list on the Uganda Securities Exchange

Uganda Securities Exchange

(USE), the 161.6 million shares of NIC that they owned. The process concluded on 25 March 2010, when active trading of NIC began on the USE, under the symbol NIC. Following the sale of the government-owned shares, the share ownership in the company is as summarized in the table below:
{| style="font-size:100%;"
|-
| width="100%" align="center" | National Insurance Corporation Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Industrial and General Insurance Company||51.0
|-
|2||Patrick Bitature

Patrick Bitature

and Erick van Veen||9.0
|-
|3||Individual and Institutional Investors on the USE

Uganda Securities Exchange

||40.0
|-
| ||Total||100.0
|-
|}

Branch Network

The company has a branch network in the following Ugandan towns; Arua

Arua

Arua is a town in Arua District, Northern Uganda. An important local commercial centre, it is a base for a large refugee population from Southern Sudan and the Democratic Republic of the Congo and is an aid distribution centre for those nations.-Location:...

, Busia

Busia

Busia may refer to the following:Places*Busia District, Kenya*Busia District, Uganda*Busia, Uganda, the Ugandan town on the border with Kenya*Busia, Kenya, the Kenyan town on the border with UgandaPeople...

, Fort Portal

Fort Portal

Fort Portal is a town in Western Uganda. It is the seat of both Kabarole District and Toro Kingdom.-Location:Fort Portal is located approximately by road, west of Kampala, Uganda's capital and largest city, on an all-tarmac two-lane highway...

, Gulu

Gulu

Gulu is a city in Northern Uganda. It is the commercial and administrative centre of Gulu District. The city is located at 2˚46'48N 32˚18'00E, on the metre gauge railway from Tororo to Pakwach. Gulu is located approximately , by road, north of Kampala, Uganda's capital and largest city...

, Jinja

Jinja, Uganda

Jinja is the largest town in Uganda, Africa. It is the second busiest commercial center in the country, after Kampala, Uganda's capital and only city. Jinja was established in 1907.-Location:...

, Kapchorwa

Kapchorwa

Kapchorwa is a town in Eastern Uganda. It is the main municipal, commercial and administrative center of Kapchorwa District. The district is named after the town.-Location:...

, Kasese

Kasese

Kasese is a town in Western Uganda, lying north of Lake George. It originally grew around the copper mine at Kilembe, while attention later turned to cobalt mining. It is the 'chief town' of Kasese District and the district headquarters are located there...

, Lira

Lira, Uganda

Lira is a city in Northern Uganda. It is the main municipal, administrative and commercial centre of Lira District. Lira was the main metropolitan center of the now defunct Lango District ....

, Mbarara

Mbarara

Mbarara is a town in Western Uganda. It is the main municipal, administrative and commercial center of Mbarara District and the location of the district headquarters. It is also the largest urban centre in Western Uganda.-Location:...

, Malaba

Malaba

Malaba may refer to:*Malaba, Kenya, a town in Teso District, western Kenya, on the border with Uganda*Malaba, Uganda, a town in Tororo District, eastern Uganda on the border with Kenya*Malaba, Ngounié, Gabon*Malaba, Nyanga, Gabon*Malaba, Cameroon...

, Masaka

Masaka

Masaka is a town in Central Uganda, lying west of Lake Victoria. It is the chief town of Masaka District. Besides being the headquarters of Masaka District, the town is the regional headquarters and largest metropolitan area in Lyantonde District, Sembabule District, Lwengo District, Bukomansimbi...

, Masindi

Masindi

Masindi is a town in Western Uganda, which lies on the road from Kampala to the Murchison Falls National Park. It is the 'chief town' of the Masindi District and the district headquarters are located there...

, and Mbale

Mbale

Mbale is a city in Eastern Uganda. It is the main municiplal, administrative and commercial center of Mbale District and the surrounding sub-region. The district is named after the town.-Location:...

. In addition, NIC also has a branch in Juba

Juba, Sudan

Juba is the capital and largest city of the Republic of South Sudan. It also serves as the capital of Central Equatoria, the smallest of the ten states of South Sudan. The city is situated on the White Nile and functions as the seat and metropolis of Juba County.- Population :In 2005, Juba's...

, Southern Sudan.

Products and services

NIC's products and services list includes the following:

NIC Marine and Aviation
NIC Engineering and Contractor
NIC All Risks Insurance
NIC Group Personal Accident
NIC Workers Compensation
NIC Employer’s Liability
NIC Motor
NIC Fire and Allied Perils
NIC Theft/Burglary
NIC All Risks
NIC Cash In Transit
NIC Fidelity Guarantee
NIC Goods in Transit
NIC Public and Products Liability
NIC Professional Indemnity
NIC Computer and Electronics
NIC Estate Fire Insurance
NIC Estate Comprehensive
NIC Group Credit/Micro Finance Credit Insurance
NIC Whole Life Insurance & Endowment Insurances
NIC Term Insurance
NIC Mortgage Care
NIC Children's Endorsement Insurance
NIC Key man's Insurance
NIC Group Pension
NIC Death in Service Benefit
NIC Lump Sum Savings Plan
NIC Medical Express Insurance
NIC School Fees Insurance Scheme
NIC Microfinance Care
NIC Travel Health Plus
NIC Travel Personal Accident
NIC Travel Health Insurance
NIC Personal Pension and Annuity-Plus Plan
NIC Dividend Plus Plan
NIC Leasecare Policy
NIC Integrated Benefit Plan

Other investments

NIC together with its parent company IGI are major shareholders in Global Trust Bank

Global Trust Bank

Global Trust Bank is a commercial bank in Uganda which started operations in 2008. Its headquarters are located in a five-storey building on Kampala Road in the center of Uganda’s capital, Kampala.-Ownership:...

, the 18th largest commercial bank in Uganda. NIC is also a minority shareholder in DFCU Group

DFCU Group

The Development Finance Company of Uganda Group, commonly referred to as the DFCU Group, is a financial services company in Uganda.-Overview:...

, the parent company of DFCU Bank

DFCU Bank

DFCU Bank, commonly known as DFCU, but whose full name is Development Finance Company of Uganda Bank Limited, is a commercial bank in Uganda...

, Uganda's 4th largest commercial bank.

Governance

The governing body of the company is the nine-member Board of Directors

Board of directors

A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...

. Remi Olowude, one of the non-Executive Board members is the Chairman.

Management

The Management team comprises seventeen managers. Dr. S. O. Akinwale is the Managing Director responsible for the daily administration of the company activities.

External links

The source of this article is wikipedia, the free encyclopedia. The text of this article is licensed under the GFDL.

Overvview

History

Ownership

Branch Network

Products and services

Other investments

Governance

Management

See also

External links