Meadowbrook Insurance Group Inc. announced Tuesday that it has agreed to acquire U.S. Specialty Underwriters Inc. for $23 million in cash and stock.
The Southfield, Mich., company said that it expects the acquisition, which will close later this year, to slightly impact this year’s earnings.
Meadowbrook said it expects 30% growth in non-regulated earnings, before interest, taxes, depreciation and amortization, as a result of the acquisition. The company said it expects earnings this year of 80 cents to 85 cents per share.
Meadowbrook is a risk management organization, specializing in alternative risk management solutions for agents, brokers, professional/trade associations, and small to medium-sized insureds.
