Last $5.85 USD
Change Today +0.09 / 1.56%
Volume 172.2K
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As of 8:04 PM 09/30/14 All times are local (Market data is delayed by at least 15 minutes).

meadowbrook insurance group (MIG) Key Developments

Meadowbrook Insurance Group Inc. Presents at Keefe, Bruyette, & Woods, Inc.'s Annual Insurance Conference, Sep-03-2014 08:45 AM

Meadowbrook Insurance Group Inc. Presents at Keefe, Bruyette, & Woods, Inc.'s Annual Insurance Conference, Sep-03-2014 08:45 AM. Venue: The Crowne Plaza Times Square, 1605 Broadway, New York, New York, United States. Speakers: Karen M. Spaun, Chief Financial Officer, Chief Accounting Officer and Senior Vice President.

Meadowbrook Insurance Group, Inc. Declares Quarterly Dividend Payable on August 29, 2014; Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Second Half and Full Year of 2014

On August 1, 2014, the Board of Directors of Meadowbrook Insurance Group Inc. declared a quarterly dividend of $0.02 per share payable on August 29, 2014 to shareholders of record as of August 18, 2014. The company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net written premiums of $146,644,000 compared to $166,555,000 for the same period in 2013. Net earned premiums were $164,124,000 compared to $175,781,000 for the same period in 2013. Total revenues were $187,928,000 compared to $198,957,000 for the same period in 2013. Income before income taxes and equity earnings of affiliates and unconsolidated subsidiaries was $6,310,000 compared to loss before income taxes and equity earnings of affiliates and unconsolidated subsidiaries of $131,613,000 for the same period in 2013. Net income was $5,764,000 or $0.12 per diluted share as compared to a net income of $113,058,000 or $2.27 per diluted share, for the second quarter of 2013. Net operating income was $3,649,000 or $0.07 per diluted share compared to net operating loss of $115,090,000 or $2.31 per diluted share for the same period in 2013. The second quarter 2013 results included a $101.6 million, or $2.04 per share, non-cash charge for goodwill impairment. Second quarter 2014 results benefited from lower earned premium on business terminated (in run-off) in conjunction with the 2012 capital enhancement initiatives, which added 2.2 points to the 2013 accident year loss and LAE ratio and had only a 0.4% point impact on 2014. Cash flows used in operating activities were $28.4 million, compared to $4.1 million for the three months ended June 30, 2013. The decrease in operating cash flows primarily reflects the lower premium volumes in the current year. The second quarter 2014 gross written premium decreased to $178.7 million, compared to $234.1 million in the same period of 2013. The decline in premium is attributable to the termination of, or the reduction of premium, in certain programs for which pricing and/or underwriting risk did not meet the company's targets. For the six months, the company reported net written premiums of $308,593,000 compared to $361,370,000 for the same period in 2013. Net earned premiums were $326,662,000 compared to $346,369,000 for the same period in 2013. Total revenues were $376,800,000 compared to $390,635,000 for the same period in 2013. Income before income taxes and equity earnings of affiliates and unconsolidated subsidiaries was $18,216,000 compared to loss before income taxes and equity earnings of affiliates and unconsolidated subsidiaries of $123,163,000 for the same period in 2013. Net income was $16,120,000 or $0.32 per diluted share as compared to a net income of $105,976,000 or $2.13 per diluted share, for the second quarter of 2013. Net operating income was $12,039,000 or $0.24 per diluted share compared to net operating loss of $108,213,000 or $2.17 per diluted share for the same period in 2013. The 2013 results include a $101.6 million, or $2.04 per share, non-cash charge for goodwill impairment. During 2014, the company's book value per share increased 7.5% to $8.91 compared to December 31, 2013 book value per share of $8.29. The current year results benefited from the decrease in premium from business terminated in conjunction with the 2012 capital enhancement initiatives, which added 2.5 points to the 2013 accident year loss and LAE ratio and had only a 0.3% point impact on 2014. Cash flows used in operating activities were $6.6 million, compared to cash flows used in from operating activities of $1.5 million for the six months ended June 30, 2013. The decrease in operating cash flows primarily reflects the lower premium volumes in the current year. Gross written premium decreased to $380.4 million, compared to $501.8 million in the same period of 2013. The decline in premium is attributable to the termination of, or the reduction of premium in, certain programs for which pricing and underwriting risk did not meet the company's targets and was partially offset by an overall year to date 6.2% written rate increase. The company provided earnings guidance for the second half of 2014. It expects gross written premium to be between $360 million and $380 million. It also expects to generate net operating income between $13.5 million and $15.5 million, or net operating income per share between $0.27 and $0.31 during this period. It expects the full year gross written premiums to be between $740 million and $760 million; net operating income to be between $25.5 million and $27.5 million, or net operating income per share between $0.51 and $0.55.

Meadowbrook Insurance Group Inc. Announces Board of Director Appointments

Meadowbrook Insurance Group Inc. announced that the company's Board of Directors has elected Robert H. Naftaly to Chairman of the Board and elected Robert F. Fix to Vice Chairman of the Board. The Board of Directors also appointed Douglas A. Gaudet to the Board of Directors effective July 25, 2014. Douglas A. Gaudet, from 1978 through 1990, Mr. Gaudet held a number of different roles and officer positions in the insurance industry, including: Underwriter for New Hampshire Insurance Company, Account Executive for Insurance Company of North America and Vice President, Association Marketing for Crum & Forster. Robert H. Naftaly began his employment with Geller, Naftaly, Herbach and Shapiro from 1961 to 1983. He served as Director of the State of Michigan Department of Management and Budget from 1983 to 1987 and was a Vice President with Detroit Edison from 1987 to 1988. Robert F. Fix, from 1972 to 1976, Mr. Fix taught finance and economics at Iowa State University. From 1979 to 1981, Mr. Fix was an Assistant Vice President -- Portfolio Manager for the Federal Home Loan Bank of Indianapolis. From 1981 to 1983, Mr. Fix served as President and Chief Operating Officer of the First Indianapolis Corporation and later served as Vice President -- Investment Officer for American Fletcher National Bank from 1984 to 1987.

Meadowbrook Insurance Group, Inc. Announces the Passing of Director David K. Page

Meadowbrook Insurance Group Inc. announced the sudden passing of Mr. David K. Page, a member of its board of directors since 2000. Mr. Page Chaired the Board of Directors since May 2013 and also served as the Chairman of the Governance & Nominating Committee. Robert S. Cubbin will act as Interim Chairman of the board until the next regularly scheduled meeting of the board of directors in late July, where the board will elect a permanent Chairperson from the independent board members.

Meadowbrook Insurance Group Inc. to Report Q2, 2014 Results on Aug 05, 2014

Meadowbrook Insurance Group Inc. announced that they will report Q2, 2014 results at 5:00 PM, Eastern Standard Time on Aug 05, 2014

 

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