The Alabama Division of Insurance coverage will maintain a listening to in June on VR Insurance coverage Holdings’ proposed buy of the Nationwide Safety Group.
VR Insurance coverage Holdings is a lately shaped Delaware-based firm shaped by a bunch of buyers, together with Vivek Ranadive, a founding father of Bow Capital Administration and proprietor of the Sacramento Kings basketball staff.
The publicly traded Nationwide Safety, based in Elba, Alabama, in 1947, is the guardian firm for Nationwide Safety Insurance coverage Co. and Nationwide Safety Hearth & Casualty Co. It presents property and casualty, life, accident and medical health insurance in 10 states.
The acquisition was introduced in January however VR lately filed types with Alabama DOI that triggered the listening to, in keeping with a information launch. The listening to can be held June 14, starting at 10 a.m., on the DOI places of work in Montgomery. A video hyperlink may also be accessible. Folks wishing to take part ought to ought to electronic mail [email protected] earlier than June 12.
NSG additionally has scheduled a stockholder assembly for June 20 to contemplate approval of the acquisition, as required by Delaware legislation. If the merger is finalized, NSG’s Chief Monetary Officer Brian McLeod will function chief working officer of the insurance coverage subsidiaries and can be VR Holdings’ chief monetary officer. NSG will change into a non-public firm, backed by capital to speed up enlargement plans, the businesses stated.
Ranadive made his mark within the Nineteen Eighties when he developed software program for monetary buying and selling flooring. He then spun out TibCo, a extensively used software program system, which bought for $4.3 billion in 2014, in keeping with the information launch.
Was this text precious?
Listed below are extra articles you could get pleasure from.
Involved in Mergers?
Get computerized alerts for this matter.