Meadowbrook Insurance Group Inc. reports a second-quarter net loss of more than $11 million—an increase net loss of 49 percent over the same period last year.
The Southfield, Mich.-based company blamed the negative results on an adverse reinsurance arbitration award on ceded losses dating back to a reinsurance treaty in place for the 1999 to 2001 policy period. The total pre-tax impact was more than $8 million and after-tax impact was in excess of $5 million.
Meadowbrook is a specialty program management market that includes six P&C carriers, several agencies, claims and loss prevention facilities and self-insured management organizations.
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