Meadowbrook Insurance Q2 net income up 38%

Wed. August 05, 2009; Posted: 01:07 AM

Aug 05, 2009 (Datamonitor via COMTEX) -- MIG | Quote | Chart | News | PowerRating -- Meadowbrook Insurance Group has reported that its net income increased by 38% to $11.6 million, or $0.20 per diluted share, in the second quarter ended June 30, 2009, compared to $8.4 million, or $0.23 per diluted share, in the second quarter ended June 30, 2008.

The company has reported that second quarter 2009 net operating income, a non-GAAP measure, grew by 39.8% to $11.9 million, or $0.21 per diluted share, compared to $8.5 million, or $0.23 per diluted share, in the second quarter of 2008.

For the second quarter of 2009, total revenues were $146.97 million, compared to $93.43 million for the 2008 second quarter.

Net income for the first six months ended June 30, 2009 increased 62.5% to $25.2 million, or $0.44 per diluted share, compared to $15.5 million, or $0.42 per diluted share, for the six months ended June 30, 2008.

For the first half of 2009, net operating income increased 81.1% to $28.3 million, or $0.49 per diluted share on 57.5 million shares, compared to $15.6 million, or $0.42 per diluted share on 37.1 million shares, for the same period in 2008.

Total revenue for the first six months of 2009 increased to $296.6 million from $178.6 million for the first six months of 2008.

Total assets as of June 30, 2009 were $1.88 billion versus $1.81 billion as of December 31, 2008.

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For full details on Meadowbrook Insurance Gr (MIG) click here. Meadowbrook Insurance Gr (MIG) has Short Term PowerRatings of 5. Details on Meadowbrook Insurance Gr (MIG) Short Term PowerRatings is available at This Link.

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