ELBE, Ala. & SAN FRANCISCO–(BUSINESS WIRE)–
The National Security Group, Inc. (“NSG” or the “Company”) (NASDAQ: NSEC) today announced the completion of the previously announced merger with VR Insurance Holdings, Inc.a Delaware company (“VR Holdings”), and VR Insurance Merger Sub, Inc.a Delaware company (“Merger Sub”), under which NSG will be acquired by virtual reality fund. Pursuant to the merger, each common share of NSG was converted into the right to receive in cash an amount of $16.35. virtual reality fund is a new Delaware company founded by Vivek RanadiveBTIG and a group of family offices and strategic investors. Mr Ranadive was the founder and CEO of Bow Capital Management LLC and its affiliated funds since 2016 and Chairman, Chief Executive Officer and Governor of Sacramento Kings since 2013.
“NSG’s 75 years of underwriting and commitment to policyholders, combined with the additional financial resources, investment and technology expertise of VR partners, will provide NSG with the opportunity to further strengthen its position in the ‘industry’, said Ross Arongeneral manager of virtual reality fund. “We look forward to continuing to collaborate with our current partners while opportunistically adding other products over time.”
After closing, it is expected that virtual reality fund will continue to leverage the existing operations and infrastructure of NSG’s wholly owned property and casualty and life insurance subsidiaries. Ross Aron will assume the role of Managing Director of virtual reality fund and all of its subsidiaries while Brian McLeod will assume the role of Chief Financial Officer of virtual reality fund and all of its subsidiaries. Mr McLeod will also assume the functions of Chief Operating Officer of the insurance subsidiaries.
Shareholders whose shares are held by a broker or in pure registered form will be paid automatically. NSG shareholders who hold some or all of their shares in share certificates will be mailed instructions to surrender their shares to receive payment. Shareholders with questions about the stock conversion process may contact Computershare at (800) 546-5141 (for residents of UNITED STATES, WE Territories and Canada) or (781) 575-2765 (for residents outside UNITED STATES, WE Territories and Canada). As a result of this transaction, NSG common stock will cease trading on NASDAQ after the close of business on June 30, 2022and will then be deregistered.
About The National Security Group, Inc.
The National Security Group, Inc. (NASDAQ: NSEC), through its property and life insurance subsidiaries, offers property, life, accident and health insurance in ten states. The Company primarily underwrites personal property insurance policies, including fire and storm insurance, homeowners and mobile home owners. The Company also offers life, accident and health, complementary hospitalization and cancer insurance products. The company was founded in 1947 and is based in Elba, Alabama. Additional information about the Company is available on our website: www.nationalsecuritygroup.com.
About VR Insurance Holdings, Inc.
VR Insurance Holdings, Inc. is a new Delaware company founded by Vivek Ranadive and a group of family offices and strategic investors. virtual reality fund was created to serve as a holding company for NSG and potentially other insurance and financial services businesses.
BTIG is a financial services company specializing in institutional trading, investment banking, research and related brokerage services. BTIG, LLC and its subsidiaries operate from 22 cities across the WEand in Europe, Asia and Australia.
Disclaimer: https://www.btig.com/disclaimer. To learn more about BTIG, visit www.btig.com.
Caution Regarding Forward-Looking Statements
The press release contains historical and forward-looking statements based on NSG’s estimates and expectations of future events that are subject to certain risks and uncertainties that could cause actual results to differ materially from those expected results described in the forward-looking statements. Expectations regarding the effects of the Transaction may be beyond NSG’s control and are difficult or impossible to predict. Forward-looking statements speak only as of the date of this release and NSG does not undertake and specifically disclaims any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unforeseen events or others.
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Brian McLeod – Chief Financial Officer @ (334) 897-2273
Source: The National Security Group, Inc.