SOUTHFIELD, Mich., April 19 /PRNewswire-FirstCall/ -- Meadowbrook
Insurance Group, Inc. (NYSE: MIG) announced today that the ratings of certain
of its insurance company subsidiaries have been upgraded by rating agency A.M.
Best Company to "B++" (Very Good). The upgrade reflects A.M. Best's positive
assessment of Meadowbrook's financial condition as a result of the Company's
continued underwriting and operating improvements through 2004, the group's
solid capitalization and management's knowledge and expertise in the
alternative risk market.
The rating applies to three of Meadowbrook's insurance company
subsidiaries: Star Insurance Company, Savers Property & Casualty Insurance
Company, and Williamsburg National Insurance Company. Additionally, A.M. Best
reaffirmed the rating of the Company's other insurance company subsidiary,
Ameritrust Insurance Corporation, as "B+", with a positive outlook.
In its news release, A.M. Best noted: "The rating also recognizes the
significant improvement in 2004 earnings, Meadowbrook's earnings prospects in
2005 and diminished reserve development reported from prior years."
"We are very pleased with A.M. Best's decision to upgrade these ratings,"
said Robert S. Cubbin, President and Chief Executive Officer of Meadowbrook
Insurance Group. "We anticipate that this news will be positively received by
the marketplace and will allow us to continue to retain and attract quality
business."
About Meadowbrook Insurance Group
A leader in the alternative risk market, Meadowbrook is a program-based
risk management company, specializing in alternative risk management solutions
for agents, brokers, and insureds of all sizes. 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. Please refer to the
Company's most recent 10-K, 10-Q, and other filings with the Securities and
Exchange Commission 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 collectibility
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.
SOURCE Meadowbrook Insurance Group, Inc.
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Related links:
http://www.meadowbrook.com
CONTACT:
Karen M. Spaun, Chief Financial Officer,
+1-248-204-8178, or Jennifer La, Director of Financial Analysis,
+1-248-204-8159, both of Meadowbrook Insurance Group, Inc.
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