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The National Security Group, Inc. has announced the dismissal of a putative class action lawsuit, Cohen v. Wilkerson, related to its merger with VR Insurance SPV, LLC valued at approximately $41.4 million. Plaintiff Cohen alleged fiduciary duty violations concerning undisclosed financial projections. After the Company agreed to disclose these projections, Cohen withdrew his request for an injunction. Defendants agreed to pay $250,000 in attorneys' fees to resolve the claims, though they maintain the Proxy Statement contained all necessary information.
The National Security Group, Inc. (NASDAQ:NSEC) has completed its merger with VR Insurance Holdings, Inc. As part of the deal, NSG shareholders will receive $16.35 in cash for each share held. This strategic acquisition aims to bolster NSG's market position by leveraging VR Holdings' financial resources and expertise. Following the merger, NSG's common stock will cease trading on NASDAQ after June 30, 2022, and will be delisted. Ross Aron will serve as CEO of VR Holdings, continuing to oversee NSG's operations and subsidiaries.
The National Security Group, Inc. (NASDAQ:NSEC) announced that stockholders have voted to adopt the Agreement and Plan of Merger with VR Insurance Holdings, Inc. The approval follows regulatory endorsement from the Alabama Commissioner of Insurance. The merger transaction is expected to close by June 30, 2022. This merger is significant as it consolidates NSG under VR Holdings, which aims to enhance its scope in the insurance and financial services sector, potentially impacting future growth.
The National Security Group, Inc. (NASDAQ:NSEC) reported a net income of $963,000 for Q1 2022, significantly up from $722,000 in Q1 2021. Earnings per share increased to $0.38 from $0.29. Key drivers include a $453,000 rise in net premiums earned and a $511,000 reduction in claims. However, investment losses reached $272,000, contrasting with gains of $310,000 last year. Total assets declined to $149,339,000 from $151,683,000. The company continues to face challenges with decreased book value per share, now at $15.93.
The National Security Group, Inc. (NASDAQ:NSEC) and VR Insurance Holdings, Inc. have announced a public hearing set by the Alabama Department of Insurance regarding the proposed acquisition of NSEC by VR Holdings. This hearing is scheduled for June 14, 2022, at the ALDOI offices. A special stockholder meeting for NSEC has been planned for June 20, 2022, to vote on this transaction. Stockholders are encouraged to read the definitive proxy statement to be filed with the SEC, providing vital details about the acquisition.
On April 27, 2022, the Board of Directors of The National Security Group, Inc. (NASDAQ:NSEC) declared a quarterly dividend of $0.06 per share. This cash dividend is scheduled for payment on May 31, 2022, to shareholders of record as of May 9, 2022. Founded in 1947 and based in Elba, Alabama, National Security Group offers various insurance products, including property, casualty, and life insurance, across ten states, focusing on personal lines property coverage.
The National Security Group (NASDAQ:NSEC) reported its financial results for the year ended December 31, 2021, highlighting a net income of $582,000 ($0.23 per share), a significant improvement from a net loss of $8,619,000 ($3.41 loss per share) in 2020. Total revenues for 2021 were $66.21 million, slightly down from $66.65 million in 2020. Policies written increased by 11.9%, driven by rate adjustments and re-underwriting efforts. The company's combined ratio improved to 102.7% from 126.1% in 2020, reflecting decreased claims costs. However, investment gains fell to $885,000 from $1.62 million year-over-year.
On January 26, 2022, The National Security Group, Inc. (NASDAQ:NSEC) announced a $0.06 quarterly dividend per share. This cash dividend is set to be paid on February 28, 2022, to shareholders on record as of February 9, 2022. Established in 1947 and based in Elba, Alabama, the company provides property, casualty, life, accident, and health insurance across ten states, primarily focusing on personal lines property coverage.
The National Security Group (NSEC) and VR Insurance Holdings have entered a merger agreement where VR Holdings will acquire all outstanding shares of NSEC for $16.35 per share, a 77% premium over its recent closing price, valuing the transaction at approximately $41.4 million. The deal, expected to close by Q2 2022, requires shareholder approval. NSEC aims to benefit from VR Holdings' financial resources while maintaining operations and commitments to policyholders. The merger faces customary closing conditions, including regulatory approvals.
The National Security Group (NASDAQ:NSEC) reported its Q3 and year-to-date results for 2021, showing a net loss of $644,000 for the quarter and $961,000 year-to-date, significantly improved from net losses of $778,000 and $6,364,000 in 2020, respectively. Gross premiums written increased by 5% to $18.5 million for Q3 2021, while net premiums earned rose to $15.7 million. A notable reduction in claims, particularly related to weather events, contributed to the improvement in loss figures. However, investment gains fell to $11,000, down from $1.43 million in Q3 2020.
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