Last $6.58 USD
Change Today 0.00 / 0.00%
Volume 233.2K
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As of 8:04 PM 12/18/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

26255 American Drive

Southfield, MI 48034

United States

Phone: 248-358-1100

Fax:

Meadowbrook Insurance Group, Inc. operates as a commercial insurance underwriter and insurance administration services company. The company also owns/operates insurance agencies and third-party administrators. The company markets and underwrites specialty property and casualty insurance programs and products on both an admitted and non-admitted basis. It categorizes its products into four categories, such as admitted programs and standard market products; main street excess and surplus lines, non-admitted programs; and specialty market products Admitted Programs and Standard Market Products: The admitted programs that the company writes are characterized by risks that are homogeneous or similar within specialty line, class and niche segments of business but have a geographic profile. The company also writes a range of standard market products that are distributed through specialty agents. Main Street Excess and Surplus Lines: The excess and surplus lines business the company writes include broad classes of Main Street commercial risks that are generally ineligible for coverage by the standard market. The company’s excess and surplus lines business it underwrites include coverages for restaurants, bars/taverns, apartments, hotels/motels, and contractors’ liability. Non-Admitted Programs: The non-admitted programs the company writes have characteristics that are similar to its admitted programs; however, the commercial risks it provides coverage for are generally ineligible for coverage by the standard or admitted market. With this focus on non-admitted program underwriting, the company are able to provide coverage for start-up organizations and relatively low volume programs that other markets are unable or unwilling to serve. Specialty Market Products: The company also offers specialty market products. It develops product solutions designed for specific specialty lines and market segments that may leverage either its admitted market or non-admitted market product capabilities, or both, depending on the market need. Program and Product Design: Before implementing a new program on behalf of a client, the company generally reviews financial projections for the contemplated program, historical loss and actuarial experience, actuarial studies of the underlying risks, the credit worthiness of the potential agent or client, and the availability of reinsurance. Underwriting Risk Selection and Policy Issuance: The company’s underwriting personnel help develop the proper criteria for selecting risks, while actuarial and reinsurance personnel evaluate and recommend the appropriate levels of rate and risk retention. Claims Administration and Handling: The company provides substantially all claims management and handling services for workers’ compensation and most other lines, such as property, automobile liability, professional liability, and general liability. Its claims handling is managed by its field offices. The company’s corporate claims department monitors the results through self-audits, corporate claim audits, internal controls, and other executive oversight reports. With the exception of Midwest Financial Holdings, LLC (MFH), where it has direct access to their paid and case reserve loss data and perform corporate claims audits, it handles substantially all claims functions for the majority of the programs it underwrites. Loss Prevention and Control: The company provides loss control services which are designed to help clients prevent or limit the impact of certain loss events. Through an evaluation of the client’s workplace environment, its loss control specialists assist the client in planning and implementing a loss prevention program and, in certain cases, provide educational and training programs. With its managed programs, the company provides these same services for a fee based upon the profile of the specific program. Reinsurance: Meadowbrook’s Insurance Company Subsidiaries cede insurance to other insurers under pro rata and excess-of-loss contracts. These reinsurance arrangements diversify the company’s business and mitigate its losses arising from large risks or from hazards of an unusual nature. The company maintains reinsurance treaties for its liability, aviation, marine, surety and property programs. In addition, facultative reinsurance is obtained as required for individual risks on a policy-by-policy basis. Meadowbrook also has the ability to cede insurance through captives, rent-a-captives, large deductible programs, and indemnification agreements, and assume insurance from other insurers. The company also provides the following services to its fee-for-service and agency clients: Administration of Risk-Bearing Entities: The company generates fee revenue by assisting in the formation and administration of risk-bearing entities for clients and agents. It provides administrative services to self-insured groups, municipal pools and trusts. Additionally, through its subsidiary, the company is able to provide administrative services for certain captives and/or rent-a-captives. Agency: The company earns commission revenue through the operation of its independent retail insurance agencies, located in Michigan, California, Massachusetts and Florida. These agencies produce commercial, personal lines, life and accident and health insurance that are placed primarily with unaffiliated insurance carriers. Strategy The company’s strategy is to generate profitable results and to deliver consistent, long-term shareholder value. Distribution The company markets its specialty property and casualty insurance products on both an admitted and non-admitted basis through a network of independent retail agents, wholesalers, program administrators and general agents. In 213, the company’s major producer was Midwest General Insurance Agency, LLC. History Meadowbrook Insurance Group, Inc. was founded in 1955 as Meadowbrook Insurance Agency and was subsequently incorporated in Michigan in 1965.

 

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