Atlanta (June 30, 2022) - Morris, Manning & Martin advised VR Insurance Holdings, Inc., a newly formed Delaware company, in a previously-announced merger with The National Security Group, Inc. (NSG).
On June 30, 2022, NSG announced the completion of the merger with VR Insurance Holdings and VR Insurance Merger Sub, Inc., pursuant to which VR Holdings will acquire NSG. 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.
Vivek Ranadivé, BTIG and a group of family offices and strategic investors founded VR Holdings to serve as the holding company for NSG and possibly other businesses. BTIG is a financial services firm specializing in institutional trading, investment banking research and related brokerage services. BTIG, LLC and its affiliates operate out of 22 cities throughout the U.S., and in Europe, Asia and Australia.
The National Security Group, through its property and casualty and life insurance subsidiaries, offers property, casualty, life, accident and health insurance in 10 states. It is based in Elba, Alabama. VR Holdings is expected to continue to leverage the existing operations and infrastructure of NSG’s wholly-owned property and casualty and life insurance subsidiaries.
The MMM team includes George Reinhardt, Tony Roehl, Scott Allen, Matt Flower and Howard Hirsch of Atlanta.
