Atlanta (January 26, 2022) — Morris, Manning & Martin advised VR Insurance Holdings, Inc. in its agreement to acquire all of the outstanding common shares of The National Security Group, Inc. (NSG). The total transaction value at the time of the Jan. 26, 2022 announcement was approximately $41.4 million, subject to certain provisions.
VR Holdings is a newly-formed Delaware company founded by Vivek Ranadivé and a group of family office and strategic investors. 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. VR Holdings was formed to serve as the holding company for NSG and potentially other insurance and financial services businesses.
NSR, through its property & casualty and life insurance subsidiaries, is a specialty underwriter of property, casualty, life, accident and health insurance in 10 states. The company was founded in 1947 and is based in Elba, Alabama. NSR said it expects to realize greater opportunities for growth and an enhanced ability to serve policyholders and agent partners through the transaction. Shareholders would be expected to benefit from the significant premium to recent share prices. While it is traded on NASDAQ, the company would become private after the transaction closes.
The MMM team, all based in Atlanta, includes George Reinhardt, Matt Flower, Howard Hirsch, Scott Allen and Tony Roehl.
Piper Sandler & Co. acted as financial advisor to NSG, and Burr & Forman, LLP is serving as the company’s legal advisor. DHG serves as accounting advisors and Balch & Bingham serves as Alabama regulatory counsel.
