Southfield, Mich.-based alternative-risk insurer Meadowbrook Insurance Group announced that the company’s chairman and founder, Merton J. Segal, has established a personal stock sale plan in accordance with SEC Rule 10b5-1, under which he will sell up to 550,000 shares (about 18 percent) of his holdings in a regular and orderly manner over the course of the next four months.
The shares represent about 1.9 percent of Meadowbrook’s total outstanding shares, the company said in a statement.
Segal said the sale does not reflect his feelings about the future of the company, but is simply for “estate planning purposes.” He said continues to “believe strongly in the company.”
Meadowbrook is a program-based risk management company, specializing in alternative risk management solutions for agents, brokers, and insureds of all sizes.
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