Over the years the chain of events has been; 1984: Botswana Development Corporation sold 24% of its holdings to Sechaba Investment Trust. 1985: J.H. Minet sold its 49% holding to St Paul (UK) Ltd, a subsidiary company of The St Paul Incorporation of Minnesota USA. 1991: A new company, Botswana General Insurance Limited (BGIL) focusing on short term insurance was formed following the restructuring of Botswana Insurance Company to comply with The Botswana Insurance act of 1987. Botswana Life Insurance Limited was incepted. 

Botswana Insurance Holdings Limited was listed on The Botswana Stock Exchange as a holding company for BGIL and BLIL. Share holding stayed unchanged as it was in BIC but subsequent listing of BIHL saw shares as; 25% held by general public, BDC 17.85%, Sechaba 16.20%, St Paul 30.94% and Southern Life of South Africa 10.01%. resulting in 60% of BIHL held by Botswana public, private companies and individuals.1993: BIHL acquired majority control of IGI Botswana Holding Limited making it the largest general insurance and assure in Botswana. 

1995: BDC divested its interest in BIHL. 1996: Southern Life sold its share holding to African Life Assurance of South Africa. 1998: BGIL was sold out of the holding company and became a wholly owned subsidiary company of St Paul (UK) Limited. Its name was changed to Botswana Insurance Company. 2003: Teledimo (Pty) Ltd bought BIC from St Paul. Zimnat Lion Insurance, a Zimbabwean based insurance company was awared the management contract, providing the technical expertise, strategy and management to BIC. 

Following this tremendous development, BIC aspires to be the insurer of first choice in the market it operates in and to also provide services that surpass the expectations of its clientele.