HG Holdings to Acquire National Consumer Title
April 29, 2021
North Carolina-based HG Holdings Inc. has entered into an agreement to acquire National Consumer Title Insurance Co. and National Consumer Title Group LLC, which indirectly owns 50% of the membership interest in Omega National Title Agency.
As a closing condition, all necessary regulatory approvals and governmental consents must be obtained, including those from the Florida Office of Insurance Regulation.
Further, the consummation of the transactions contemplated by the Purchase Agreement is subject to certain specified closing conditions, including the receipt of certain third-party consents or approvals, the absence of a “material adverse effect” with respect to the NCTIC, NCTG, Omega and TAV (taken as a whole), and other customary closing conditions, including the accuracy of each party’s representations and warranties and each party’s compliance with its obligations and covenants under the Purchase Agreement.
“Working with the owners and management of Southern Fidelity to complete this transaction was delightful, and we hope to find future ways to partner with them,” said Steve Hale, chair and CEO of HG Holdings. “We are excited about the prospects of entering the insurance industry via this title insurance platform.”
Contact ALTA at 202-296-3671 or communications@alta.org.