Alfa Corporation Completes Plan of Conversion and Acquisition of Virginia Mutual Insurance Company.Alfa Alliance Insurance Corporation to Expand into Tennessee MONTGOMERY, Ala. -- Alfa Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALFA) today announced the completion of its previously approved Plan of Conversion and acquisition of Virginia Mutual Insurance Company (Virginia Mutual). Under the Plan, Virginia Mutual converted from a mutual company to a stock company and simultaneously has been recapitalized as Alfa Alliance Insurance Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Alfa Corporation. The Plan of Conversion was approved in 2006 by the Virginia State Corporation Commission as well as Virginia Mutual policyholders. Virginia Mutual and Alfa companies have participated in a Strategic Affiliation Agreement since August 10, 2001, which has now been terminated. In 2006 Virginia Mutual had written premium of approximately $41 million and nearly 50,000 policies in force in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. and Virginia. Alfa Alliance will participate in the inter-company Insurance Pooling Agreement which includes other Alfa affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. . Headquartered in Glen Allen Glen Allen is the name of several places in the United States of America:
sales manager n → directeur commercial sales manager sale n → with over 15 years experience in the insurance industry, will oversee this expansion. Tony is a graduate of the University of Tennessee The University of Tennessee (UT), sometimes called the University of Tennessee at Knoxville (UT Knoxville or UTK), is the flagship institution of the statewide land-grant University of Tennessee public university system in the American state of Tennessee. and resides in Knoxville. Initially, 14 independent agencies will market both home and auto personal lines products in the middle and eastern parts of Tennessee. Alfa plans to develop its Tennessee distribution network to approximately 45 agencies by year-end 2007. Alfa Corporation is engaged in insurance and financial activities through its subsidiaries. The common stock of Alfa Corporation is traded on the NASDAQ Global Select Market under the symbol ALFA. For more information on the Company, visit www.alfains.com. Investors are cautioned that statements in this press release which relate to the future are, by their nature, uncertain and dependent upon numerous contingencies -- including political, economic, regulatory, climatic, competitive, legal, and technological -- any of which could cause actual results and events to differ materially from those indicated in such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Additional information regarding these and other risk factors and uncertainties may be found in Alfa Corporation's filings with the Securities and Exchange Commission. |
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