Montgomery, Ala.-based Alfa Corp. Buys Vision Insurance Group

Montgomery, Ala.-based Alfa Corp. has purchased Vision Insurance Group of Brentwood, Tenn.

The transaction involved $20 million in cash and stock, with an additional purchase consideration of as much as $14 million, based on future performance.

John Russell, Vision president, founded the managing general agency in 1997. The company has 130 employees, annual revenues of $30 million and operations in nine states. Montgomery, Ala.-based Alfa (NASDAQ: ALFA) is forming a subsidiary – Alfa Vision Insurance Corp. – through which Vision will write its nonstandard auto business. Alfa is a member of the Alfa Insurance Group, which has combined assets of about $4 billion.