NIC General Insurance Company LimitedNIC 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 (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 an insurance giant with presence in Ghana, Gambia, Uganda, Rwanda, Europe and America; IGI has increased its profits every year of its operation and has paid dividends for 14 consecutive years.