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Last $8.53 USD
Change Today 0.00 / 0.00%
Volume 15.5K
MIG On Other Exchanges
Symbol
Exchange
New York
Berlin
As of 10:06 AM 05/26/15 All times are local (Market data is delayed by at least 15 minutes).

meadowbrook insurance group (MIG) Key Developments

Meadowbrook Insurance Group Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Declares Quarterly Dividend, Payable on June 1, 2015

Meadowbrook Insurance Group Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. The company reported first quarter net income of $8.3 million, or $0.17 per diluted share, compared to net income of $10.4 million, or $0.21 per dilutive share, for the comparable period of 2014. The 2015 results include $0.9 million, or $0.02 per diluted share, of after-tax realized gains, compared to $2.0 million, or $0.04 per diluted share, for the same period in 2014. Total revenues were $171,354,000 compared to $188,872,000 a year ago. Net earned premiums were $147,619,000 compared to $162,539,000 for the same quarter a year ago. Income before income taxes and equity earnings of affiliates and unconsolidated was $9,973,000 compared to $11,907,000 a year ago. Net operating income was $7,461,000 or $0.15 per diluted share compared to $8,390,000 or $0.17 per diluted share a year ago. Net operating income and net operating income per share are non-GAAP measures that represent net income excluding net realized gains or losses, net of tax. Book value per common share was $9.34. Tangible book value per common share was $8.79. On May 5, 2015, the board of directors of the company declared a quarterly dividend of $0.02 per share payable on June 1, 2015 to shareholders of record as of May 21, 2015.

Meadowbrook Insurance Group Inc., Annual General Meeting, Apr 27, 2015

Meadowbrook Insurance Group Inc., Annual General Meeting, Apr 27, 2015., at 14:00 US Eastern Standard Time. Location: 26255 American Drive. Agenda: To consider and vote on a proposal to adopt and approve the agreement and plan of merger and as amended from time to time, by and among the company, Miracle Nova II (US), LLC and Miracle Nova III (US), Inc.,; to consider and vote on a proposal to approve, by a non-binding advisory vote, the compensation that may be paid or become payable to the company's named executive officers that is based on or otherwise relates to the merger; to elect Robert S. Cubbin, Robert F. Fix and Douglas A. Gaudet for a three-year term expiring in 2018 and elect Florine Mark for a one-year term expiring in 2016; to ratify the appointment of Ernst & Young LLP as the company's independent registered public accounting firm; to consider an advisory vote to approve the company's 2014 executive compensation; and to transact any other business that is properly submitted before the annual meeting or any adjournments of the annual meeting.

Meadowbrook Insurance Group Inc. Declares Quarterly Dividend, Payable on March 30, 2015; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014

On February 27, 2015, the Board of Directors of Meadowbrook Insurance Group Inc. declared a quarterly dividend of $0.02 per share payable on March 30, 2015 to shareholders of record as of March 16, 2015. The company reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net written premiums of $135,336,000 compared to $144,409,000 a year ago. Gross written premiums were $163,986,000 compared to $185,232,000 a year ago. Total revenues were $177,956,000 compared to $196,652,000 a year ago. Income before income taxes and equity earnings of affiliates and unconsolidated subsidiaries was $6,460,000 compared to loss before income taxes and equity earnings of affiliates and unconsolidated subsidiaries of $27,323,000 a year ago. Net income was $7,569,000 or $0.15 per share diluted compared to net loss of $11,850,000 or $0.24 per share diluted a year ago. Net operating income was $6,473,000 or $0.13 per share diluted compared to net operating loss of $14,772,000 or $0.30 per share diluted a year ago. For the year, the company reported net written premiums of $601,237,000 compared to $691,637,000 a year ago. Gross written premiums were $742,464,000 compared to $944,011,000 a year ago. Total revenues were $742,525,000 compared to $791,171,000 a year ago. Income before income taxes and equity earnings of affiliates and unconsolidated subsidiaries was $29,133,000 compared to loss before income taxes and equity earnings of affiliates and unconsolidated subsidiaries of $145,746,000 a year ago. Net income was $28,657,000 or $0.57 per share diluted compared to net loss of $112,310,000 or $2.25 per share diluted a year ago. Net operating income was $21,547,000 or $0.43 per share diluted compared to net operating loss of $117,908,000 or $2.36 per share diluted a year ago. Book value per common share was $9.14 against $8.29 a year ago. Tangible book value per common share was $8.56 against $7.68 a year ago.

Investor Sues Meadowbrook Insurance Group Inc. and Fosun International Limited over 'Unfair' Deal with Fosun

Meadowbrook Insurance Group Inc. shareholder is suing the company over its planned sale to Fosun International Ltd., arguing that the $433 million deal undervalues the insurer and discourages competing bids. Chaile Steinberg filed the lawsuit seeking class-action status on January 7, 2014 against a slew of defendants, including Meadowbrook, Fosun, and Meadowbrook President and CEO Robert Cubbin. The complaint accuses Cubbin and Meadowbrook's board of breaching their fiduciary duties and blames the companies for aiding and abetting those breaches. Meadowbrook's $8.65-per-share sale price is below the company's third-quarter 2014 book value, an "unfair" amount that means the company would better serve its shareholders by shutting down than by selling to Fosun.

Meadowbrook Insurance Group Inc. Declares Quarterly Dividend, Payable on December 3, 2014; Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fiscal Year of 2014 and 2015

On October 31, 2014, the board of directors of Meadowbrook Insurance Group Inc. declared a quarterly dividend of $0.02 per share payable on December 3, 2014 to shareholders of record as of November 20, 2014. The company reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net written premiums of $157,308,000 compared to $185,858,000 a year ago. Gross written premiums were $198,039,000 compared to $257,028,000 a year ago. Total revenues were $187,769,000 compared to $203,884,000 a year ago. Income before income taxes and equity earnings of affiliates and unconsolidated subsidiaries was $4,457,000 compared to $4,740,000 a year ago. Net income was $4,967,000 compared to $5,516,000 a year ago. Net operating income was $3,034,000 compared to $5,077,000 a year ago. Diluted net income per share was $0.09 compared to $0.11 a year ago. Diluted net operating income per share of $0.06 compared to $0.10 a year ago. Cash flows generated from operating activities were $9.7 million compared to $20.4 million for the three months ended September 30, 2013. The decrease in operating cash flows primarily reflects the lower premium volumes in the current year. For the nine months, the company reported net written premiums of $465,901,000 compared to $547,228,000 a year ago. Gross written premiums were $578,477,000 compared to $758,779,000 a year ago. Total revenues were $564,569,000 compared to $594,519,000 a year ago. Income before income taxes and equity earnings of affiliates and unconsolidated subsidiaries was $22,673,000 compared to loss of $118,423,000 a year ago. Net income was $21,087,000 compared to net loss of $100,460,000 a year ago. Net operating income was $15,073,000 compared to net operating loss of $103,136,000 a year ago. Diluted net income per share was $0.42 compared to diluted net loss per share of $2.01 a year ago. Diluted net operating income per share of $0.30 compared to diluted net operating loss per share of $2.07 a year ago. Cash flows used in operating activities were $3.2 million compared to $18.9 million for the nine months ended September 30, 2013. The decrease in operating cash flows primarily reflects the lower premium volumes in the current year. Book value per common share as at September 30, 2014 was $8.94. Tangible book value per common share as at September 30, 2014 was $8.35. The company provided earnings guidance for the fiscal year 2014 and 2015. For 2014, management expects gross written premium to be between $715 million and $725 million. Management also expects to generate net operating income between $20.0 million and $22.5 million, or net operating income per share between $0.40 and $0.45 per share for the year ended December 31, 2014. For 2015, management expects gross written premium to grow to be between $750 million and $775 million. Management also expects to generate net operating income between $25.0 million and $30.0 million, or net operating income per share between $0.50 and $0.60 during this period.

 

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MIG

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Valuation MIG Industry Range
Price/Earnings 16.1x
Price/Sales 0.6x
Price/Book 0.9x
Price/Cash Flow 14.0x
TEV/Sales 0.1x
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