Meadowbrook Insurance Group, Inc.,announced today that it has entered into a definitive agreement to acquire U.S. Specialty Underwriters, Inc. (USSU) for a purchase price of $23.0 million. The purchase price is comprised of $13.0 million in cash and $10.0 million in Meadowbrook stock. Total additional shares issued for the $10.0 million portion of the purchase price were 907,935 shares.
Based in Cleveland, Ohio, USSU is a specialty program manager that produces fee based income by underwriting excess workers’ compensation coverage for a select group of insurance companies. USSU has a nationwide network of agents and brokers that service the self-insurance industry. USSU focuses on self-insureds within the healthcare industry and public schools in twenty-nine states.
The transaction closed concurrent with signing of the definitive agreement.
Meadowbrook is a risk management organization, specializing in alternative risk management solutions for agents, brokers, professional/trade associations, and small to medium-sized insureds.
Source: Meadowbrook Insurance Group, Inc.
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