The National Security Group, Inc. Announces Stock Repurchase Plan
November 20 2019 - 04:15PM
Business Wire
The National Security Group, Inc. (NASDAQ:NSEC) today announced
that its Board of Directors has authorized a common stock
repurchase program of up to $1 million.
Under the repurchase program, the Company is authorized to
repurchase shares in open market purchases as well as in privately
negotiated transactions from time to time through May 31, 2020.
Stock purchased under this program will be held as treasury stock
and will be available for general corporate purposes. The
repurchase program’s terms will comply with applicable securities
laws and regulations, including Rule 10b-18 of the Securities
Exchange Act of 1934, as amended. The program is also subject to
market conditions, applicable legal requirements, alternative cash
needs that may arise and other factors, as determined by Company
management. The repurchase program does not obligate the Company to
acquire a specific number of shares and may be suspended or
terminated at any time. Repurchases of the Company’s common stock
will be financed primarily through free cash flow.
The National Security Group, Inc. (NASDAQ Symbol: NSEC), through
its property & casualty (P&C) and life insurance
subsidiaries, offers property, casualty, life, accident and health
insurance in ten states. The Company writes primarily personal
lines property coverage including dwelling fire and windstorm,
homeowners, and mobile homeowners lines of insurance. The Company
also offers life, accident and health, supplemental hospital 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, can be
found on our website: www.nationalsecuritygroup.com.
Information about forward-looking statements
Any statement contained in this report which is not a historical
fact, or which might otherwise be considered an opinion or
projection concerning the Company or its business, whether
expressed or implied, is meant as and should be considered a
forward-looking statement within the meaning of the "safe harbor"
provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements are based on assumptions and
opinions concerning a variety of known and unknown risks, including
but not limited to changes in market conditions, natural disasters
and other catastrophic events, increased competition, changes in
availability and cost of reinsurance, changes in governmental
regulations, technological changes, political and legal
contingencies and general economic conditions, as well as other
risks and uncertainties more completely described in the Company’s
filings with the Securities and Exchange Commission. If any of
these assumptions or opinions proves incorrect, any forward-looking
statements made on the basis of such assumptions or opinions may
also prove materially incorrect in one or more respects and could
cause actual results to vary materially from our expected results.
Please refer to the Company's Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q filed with the Securities and
Exchange Commission for information concerning the important
factors that can cause results to differ materially from these
forward-looking statements. All forward-looking statements made in
this press release are based on information presently available to
the management of the Company. The Company assumes no obligation to
update any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20191120005915/en/
Brian McLeod - Chief Financial Officer (334) 897-2273
National Security (NASDAQ:NSEC)
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