Meadowbrook Insurance Group, Inc. Comments On A.M. Best's Decision To Maintain The Under Review Status For Meadowbrook Insurance Group, Inc. And Its Subsidiaries
SOUTHFIELD, Mich., March 1, 2013 /PRNewswire/ -- Meadowbrook Insurance Group, Inc. (NYSE: MIG), provides an update in connection with A.M. Best's decision to maintain the under review status for Meadowbrook Insurance Group, Inc. and its subsidiaries.
Robert S. Cubbin, Meadowbrook President and Chief Executive Officer, commented: "We continue to cooperate and work with A.M. Best to evaluate the impact of the corrective actions taken to date. We believe these actions position us to a return to profitability and strengthen our current capital position. We continue to achieve rate increases across our core business. The termination of unprofitable business is progressing as expected. We believe the previously announced quota share agreement provides us the flexibility to take advantage of the firming market and rebuild our historic track record of stable underwriting results in an efficient and effective manner. We believe our business model that focuses on product and geographic diversification should enable us to balance our revenue sources, leverage our fixed costs and manage through market cycles."
About Meadowbrook Insurance Group
Meadowbrook Insurance Group, Inc., based in Southfield, Michigan, is a leader in the specialty program management market. Meadowbrook includes several agencies, claims and loss prevention facilities, self-insured management organizations and seven property and casualty insurance underwriting companies, including one in Bermuda. Meadowbrook has thirty-four locations in the United States. Meadowbrook is a risk management organization, specializing in specialty risk management solutions for agents, professional and trade associations, and small to medium-sized insureds. Meadowbrook Insurance Group, Inc. common shares are listed on the New York Stock Exchange under the symbol "MIG". For further information, please visit Meadowbrook's corporate web site at www.meadowbrook.com.
Forward Looking Statements
Certain statements made by Meadowbrook Insurance Group, Inc. in this release may constitute forward-looking statements including, but not limited to, those statements that include the words "believes," "expects," "anticipates," "estimates," or similar expressions. Please refer to the Company's most recent 10-K, 10-Q, and other Securities and Exchange Commission filings for more information on risk factors. Actual results could differ materially. These forward-looking statements involve risks and uncertainties including, but not limited to the following: the frequency and severity of claims; uncertainties inherent in reserve estimates; catastrophic events; a change in the demand for, pricing of, availability or collectability of reinsurance; increased rate pressure on premiums; obtainment of certain rate increases in current market conditions; investment rate of return; changes in and adherence to insurance regulation; actions taken by regulators, rating agencies or lenders; obtainment of certain processing efficiencies; changing rates of inflation; and general economic conditions. Meadowbrook is not under any obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Meadowbrook Insurance Group, Inc.