Meadowbrook Insurance Group, Inc. has agreed to acquire U.S. Specialty Underwriters, Inc. 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, according to the buyer
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.
Meadowbrook President and Chief Executive Officer Robert S. Cubbin said the acquisition provides growth for his company’s fee-based operations and complements its existing public entity excess workers’ compensation program.
Meadowbrook specializes 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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