Currently, the Malawi Stock Exchange (MSE)-listed group has subsidiaries in Zambia trading as Nico Insurance Zambia Limited, in Tanzania as Niko Insurance Tanzania Limited and Nico Insurance Uganda Limited.
It also has a 49 percent stake in SFG Holdings (Private) Limited, a general insurance firm in Zimbabwe.
Mid last year, the International Finance Corporation (IFC), the private sector financing arm of the World Bank Group, acquired a 16.5 percent stake in theÂ groupâ€™s subsidiary, NBS Bank, also listed on MSE.
Nico Holdings Limited company secretary Victor Jamu said on Thursday upon conclusion of the negotiations, the group may have strategic investors in general insurance.
â€œShareholding at Nico Holdings Limited level will remain unchanged. Shareholders and investors are advised to continue to exercise caution when dealing with the companyâ€™s securities until a further announcement is made,â€ said Jamu in a statement.