Sacramento Kings Owner Vivek Ranadive Buys Insurance Firm for $41 Million

India-West Staff Reporter

SACRAMENTO, CA – An Alabama-based specialty underwriter of property, casualty and life insurance has been bought for $41 million by a Vivek Ranadive holding company.

Indian American Ranadive is the owner and chairman of the NBA team, Sacramento Kings. He is also a founder of the Bow Capital Management.

A press release said VR Insurance Holdings Inc. had agreed to acquire outstanding common shares of NSG for $16.35 a share, a 77% premium over the Jan. 25 closing price.