SOUTHFIELD, Mich., Sept. 29 /PRNewswire-FirstCall/ -- Meadowbrook Insurance Group, Inc. announced today that it has repurchased 300,000 shares of Meadowbrook common stock beneficially owned by the Company's Director, Mr. Jeffrey Maffett. The purchase price was $7.72, which is the 30 day average close price as of September 28, 2009, less transactional costs.
Mr. Maffett is Chairman of the Board of Colonial Banc Corp and may be deemed the beneficial owner of 571,765 shares of Meadowbrook common stock owned by Colonial Banc Corp. After the sale of the 300,000 shares, Colonial Banc Corp will own 271,765 shares of Meadowbrook common stock, and Mr. Maffett owns 150,425 shares directly.
Colonial Banc Corp is selling the shares in order to improve its capital ratios. The Meadowbrook Board of Directors has approved the repurchase, pursuant to the previously adopted Share Repurchase Plan of the Company.
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 twenty-six 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 http://www.meadowbrook.com/.
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.
Meadowbrook Insurance Group, Inc.
CONTACT: Karen M. Spaun, Chief Financial Officer, +1-248-204-8178, or
Holly Moltane, Controller -- GAAP Financial Reporting, +1-248-204-8590, both
of Meadowbrook Insurance Group, Inc.
Web Site: http://www.meadowbrook.com/
