Meadowbrook Insurance Group Inc. has raised approximately $20.0 million in Meadowbrook Capital Trust II, a wholly owned unconsolidated subsidiary of the holding company, in a trust preferred pooled transaction. The securities, which are classified as long-term debt, have a floating rate equal to the three month LIBOR plus 358 basis points and mature in 30 years. The securities can be called by the issuer after five years from the date of issuance.
Funds will be used to support future premium growth through
contributions to insurance carrier subsidiaries’ surplus, share repurchases, strategic investments, and other general corporate purposes.
Meadowbrook, based in Southfield, Mich., 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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