Michigan insurance regulators have approved the acquisition of Southfield-based Meadowbrook Insurance Group Inc. by China’s Fosun International Limited.
Meadowbrook Insurance Group announced that it received the required regulatory approvals from the Michigan Department of Insurance and Financial Services on June 18, 2015. The approvals cover Meadowbrook’s insurance company subsidiaries domiciled in Michigan, including: Star Insurance Company, Ameritrust Insurance Corp., ProCentury Insurance Co. and Williamsburg National Insurance Co.
Meadowbrook previously received approval from the Department of Insurance Securities and Banking in Washington, D.C., for ProCentury Risk Partners Insurance Co.
Closing the merger remains subject to the fulfillment or waiver of certain other customary closing conditions that have not yet been satisfied, including receipt of remaining required insurance regulatory approvals for its insurance companies commercially domiciled in the state of California, as well as Missouri (Savers Property and Casualty Insurance Co.) and Ohio (Century Surety Co.)
The applications for insurance regulatory approvals in each of those states are substantially complete.
Source: Meadowbrook Insurance Group
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