The California Department of Insurance has approved Fosun International Ltd.’s acquisition of control of Meadowbrook Insurance Group Inc.’s subsidiaries commercially domiciled in of California.
The subsidiaries include Star Insurance Co., ProCentury Insurance Co. and Williamsburg National Insurance Co.
The closing of the merger remains subject to the fulfillment or waiver of certain other customary closing conditions that have not yet been satisfied, including receipt of the remaining required insurance regulatory approvals for Meadowbrook’s insurance companies domiciled in the state of Missouri (Savers Property and Casualty Insurance Company) and Ohio (Century Surety Company). The applications for insurance regulatory approvals in each of those states are substantially complete.
Southfield, Mich.-based Meadowbrook is in the specialty program management market, and the company includes several agencies, claims and loss prevention facilities, self-insured management organizations and six property/casualty insurance underwriting companies.
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