Meadowbrook Insurance and ProCentury close merger

Mon. August 04, 2008; Posted: 08:10 AM

Aug 04, 2008 (Datamonitor via COMTEX) -- MIG | Quote | Chart | News | PowerRating -- Meadowbrook Insurance Group, a specialty property and casualty insurance holding company based in Southfield, Michigan, has announced that the merger of ProCentury Corporation, a Columbus, Ohio-based specialty property and casualty insurance holding company has been finalized and closed.

The combined strategy of the two companies is to create an organization that remains a full-service specialty lines company with a program focus that now offers full-service excess and surplus lines capabilities.

Meadowbrook Insurance said that there are very few redundancies between the two firms. Meadowbrook's programs and ProCentury's products and wholesale agent distribution systems do not overlap, and the expertise in each organization will remain intact, the company said. There will also be very little in the way of integration challenges as the firms' cultures, technology and commitment to customer service closely mirror one another's, Meadowbrook added.

Meadowbrook paid approximately $99.2 million in cash and issued approximately 21.2 million shares of Meadowbrook common stock, for a total purchase price of approximately $220.5 million, in exchange for the cancellation of all the outstanding common shares of ProCentury.

Robert Cubbin, president and CEO of Meadowbrook, said: "We are pleased to have closed on the merger with ProCentury. The diverse products and distribution systems of our two specialty lines insurance companies will create opportunities and synergies that did not exist prior to the merger."

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For full details on Meadowbrook Insurance Gr (MIG) click here. Meadowbrook Insurance Gr (MIG) has Short Term PowerRatings of 6. Details on Meadowbrook Insurance Gr (MIG) Short Term PowerRatings is available at This Link.

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