The National Security Group, Inc. announced the completion of the previously announced merger with VR Insurance Holdings, Inc., a Delaware corporation (“VR Holdings”), and VR Insurance Merger Sub, Inc., a Delaware corporation (“Merger Sub”), pursuant to which NSG will be acquired by VR Holdings. Under the terms of the merger each share of NSG common stock has been converted into the right to receive cash in the amount of $16.35. VR Holdings is a newly formed Delaware company founded by Vivek Ranadivé, BTIG and a group of family offices and strategic investors. Mr. Ranadivé has been the Founder and Managing Director of Bow Capital Management LLC and its affiliated funds since 2016 and Chairman, Chief Executive Officer and Governor of the Sacramento Kings since 2013.
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“NSG’s 75 years of underwriting and commitment to policyholders combined with the additional financial resources, investment and technology expertise from the partners of VR will provide NSG the opportunity to further strengthen its position in the industry,” said Ross Aron, Chief Executive Officer of VR Holdings. “We look forward to continuing to collaborate with our current partners while opportunistically adding other products over time.”
Following closing, it is anticipated that VR Holdings will continue to leverage the existing operations and infrastructure of NSG’s wholly owned property and casualty and life insurance subsidiaries. Ross Aron will serve as the Chief Executive Officer of VR Holdings and all of its subsidiaries while Brian McLeod will serve as the Chief Financial Officer of VR Holdings and all of its subsidiaries. Mr. McLeod will also serve as Chief Operating Officer of the insurance subsidiaries.
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Stockholders whose shares are held by a broker or in direct registration will be paid automatically. Those NSG stockholders who hold all or some of their shares in stock certificates will receive instructions by mail for surrendering their shares in order to receive payment. Stockholders with questions about the share conversion process may contact Computershare at (800) 546-5141 (for residents of USA, U.S. Territories and Canada) or (781) 575-2765 (for residents outside USA, U.S. Territories and Canada). As a result of this transaction, NSG’s common stock will cease to trade on NASDAQ after the close of business on June 30, 2022, and will thereafter be delisted.
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