Alabama Department of Insurance Sets Date for Public Hearing for Transaction Between The National Security Group, Inc. and VR Insurance Holdings, Inc.


ELBA, Alabama & SAN FRANCISCO–(BUSINESS WIRE)–The National Security Group, Inc. (NASDAQ: NSEC) and VR Insurance Holdings, Inc. (“VR Holdings”) today announced that the Alabama Department of Insurance (ALDOI) has held a public hearing to review the proposed acquisition of control of The National Security Group, Inc. (NSG) by VR Holdings. In accordance with article 27-29-3 Alabama Code 1975, as amended, VR Holdings has filed a Form A requesting the Alabama Commissioner of Insurance to approve the transaction contemplated by the agreement and plan of merger dated January 26, 2022 between NSG and VR Holdings (the “transaction”), which was previously disclosed in a joint statement dated January 26, 2022.

The public hearing will be held at the offices of ALDOI, 201 Monroe Street, Suite 502, Montgomery, Alabama 36104, on June 14, 2022, at 10:00 a.m. Central Time. At the hearing, representatives of VR Holdings and NSG as well as all NSG shareholders and other persons whose interests may be affected by the Transaction will have the right to present evidence, to examine and to counter -examine witnesses and present oral and written arguments, and in connection therewith, shall have the right to conduct discovery proceedings in the same manner as is currently permitted by the circuit courts of Alabama. All discovery proceedings must be concluded no later than three days before the hearing date.

VR Holdings is providing this notice to NSG shareholders pursuant to the order of the Alabama Insurance Commissioner dated May 2, 2022. Any shareholder or other interested person wishing to participate in person or by videoconference should notify ALDOI via email. addressed to [email protected] by June 12, 2022.

NSG has scheduled a special meeting of its shareholders on June 20, 2022, to consider and vote on the approval of the transaction, as required by Delaware general corporate law. NSG will provide its shareholders of record on April 26, 2022 with a definitive proxy statement in connection with the solicitation of proxies by the Board of Directors to vote on the approval of the transaction. The proxy statement will be filed with the Securities and Exchange Commission when it is first mailed to shareholders. NSG shareholders are urged to read the proxy statement as it contains important information regarding the Transaction.

NSG and its directors and officers may be considered participants in the solicitation of proxies from its shareholders in connection with their vote on the proposed transaction. Information about the directors and officers of NSG and their ownership of NSG common stock is set forth in NSG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which has been filed with the SEC. on March 23, 2022. and NSG stockholders may obtain a free copy of NSG’s proxy statement and Form 10-K and other reports filed by NSG with the SEC at the SEC’s website at ‘address or by contacting Laura Williams Jordan at NSG by phone at (334) 897 2273 or by email at [email protected]

About The National Security Group, Inc.

The National Security Group, Inc. (NASDAQ: NSEC), through its property and life insurance subsidiaries, offers property, casualty, 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, including additional details of recent financial results, is available on our website:

About VR Holdings, Inc.

VR Holdings is a new Delaware company founded by Vivek Ranadivé and a group of family office and strategic investors. VR Holdings was created to serve as a holding company for NSG and potentially other insurance and financial services businesses.

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 timing, closing and 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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