Key Developments: Meadowbrook Insurance Group Inc (MIG)
7.90USD
18 Jun 2013
$-0.06 (-0.75%)
$7.96
$7.96
$7.97
$7.89
199,358
480,799
$8.91
$5.21
Latest Key Developments (Source: Significant Developments)
Meadowbrook Insurance Group Inc Reaffirms FY 2013 Earnings Guidance
Meadowbrook Insurance Group Inc announced that its fiscal 2013 guidance remains unchanged. Management expects the Company's net operating income, excluding the impact of the Swiss Re quota share treaty, to be between $35.0 million to $40.0 million, or between $0.70 and $0.80 per share. Net operating income after including the impact of the Swiss Re quota share treaty, is expected to be between $27.4 million and $32.4 million, or $0.55 to $0.65 per share. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report net income of $28.0 million and EPS of $0.56 for fiscal 2013. Full Article
Meadowbrook Insurance Group Inc Declares Quarterly Dividend
Meadowbrook Insurance Group Inc announced that On April 26, 2013, the Board of Directors declared a quarterly dividend of $0.02 per share payable on May 28, 2013 to shareholders of record as of May 10, 2013. Full Article
Meadowbrook Insurance Group Inc Prices $85 Million of Unsecured Cash Convertible Senior Notes
Meadowbrook Insurance Group Inc announced that it has priced and agreed to sell to initial purchasers in a private offering $85 million aggregate principal amount of its Cash Convertible Senior Notes due 2020 (the notes). Meadowbrook has also granted the initial purchasers of the notes an option to purchase up to an additional $15 million aggregate principal amount of the notes. The notes are unsecured and bear interest at a rate of 5.00% per year, payable semiannually on March 15 and September 15 of each year, commencing on September 15, 2013. The notes will be convertible at the option of the holders into solely cash in certain circumstances and during certain periods. The notes will not be convertible into Meadowbrook common stock or any other securities under any circumstances. The notes will mature on March 15, 2020, unless earlier repurchased or converted into cash in accordance with their terms prior to such date. The conversion rate for the notes initially will be 108.8732 shares of common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $9.18 per share of Meadowbrook common stock. The initial conversion price of the notes represents a premium of approximately 37.50% to the $6.68 per share last reported sale price of the Company's common stock on March 12, 2013. The offering of the notes is expected to close on March 18, 2013. Full Article
Meadowbrook Insurance Group Inc Announces Private Offering Of Unsecured Cash Convertible Senior Notes
Meadowbrook Insurance Group Inc announced that it plans to make a private offering of $75 million aggregate principal amount of its Cash Convertible Senior Notes due 2020 (the "notes"). Meadowbrook also plans to grant the initial purchasers of the notes an option to purchase up to an additional $11.25 million aggregate principal amount of the notes. The notes will be offered only to qualified institutional buyers (as defined in the Securities Act of 1933, as amended (the "Securities Act") pursuant to Rule 144A under the Securities Act.Meadowbrook expects to use the net proceeds from the offering to pay the cost of the cash convertible note hedge transactions (after such cost is partially offset by the proceeds to Meadowbrook from the warrant transactions). Meadowbrook intends to use substantially all of the remainder of the net proceeds from the offering in order to make capital contributions to its insurance company subsidiaries in order to support such subsidiaries' operations and financial strength, with the balance of any proceeds to be used to repay its outstanding indebtedness. Full Article
Meadowbrook Insurance Group Inc Announces Retirement Of Chairman-Form 8-K
Meadowbrook Insurance Group Inc reported in its Form 8-K that on February 12, 2013, Meadowbrook announced that Merton J. Segal, founder and Chairman of the Board, would be retiring and would not seek re-election to the Company’s Board of Directors at the Company’s Annual Meeting of Shareholders in May 2013. The decision of Mr. Segal not to stand for re-election was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Full Article
Meadowbrook Insurance Group Inc Issues FY 2013 Earnings Guidance; Net Income Guidance Above Analysts' Estimates
Meadowbrook Insurance Group, Inc. announced that for fiscal 2013, it expects net operating income excluding the impact of the quota share agreement to be between $35.0 million to $40.0 million, or between $0.70 and $0.80 per share and Net operating income after including the impact of the quota share reinsurance agreement is expected to be between $27.4 million and $32.4 million, or $0.55 to $0.65 per share. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report net income of $33.0 million and EPS of $0.72 for fiscal 2013. Full Article
Meadowbrook Insurance Group Inc Declares Quarterly Dividend
Meadowbrook Insurance Group Inc announced that the Board of Directors declared a quarterly dividend of $0.02 per share payable on April 4, 2013 to shareholders of record as of March 21, 2013. Full Article
Meadowbrook Insurance Group Inc Declares Quarterly Dividend
Meadowbrook Insurance Group Inc announced that the Board of Directors declared a quarterly dividend of $0.02 per share payable on November 27, 2012 to shareholders of record as of November 12, 2012. Full Article
Meadowbrook Insurance Group, Inc. Declares Quarterly Dividend Of $0.05 Per Share
Meadowbrook Insurance Group, Inc. announced the Board of Directors declared a quarterly dividend of $0.05 per share payable on August 27, 2012 to shareholders of record as of August 10, 2012. Full Article
Meadowbrook Insurance Group, Inc. Issues FY 2012 Operating Income Guidance; Lowers FY 2012 EPS Guidance
Meadowbrook Insurance Group, Inc. announced that for fiscal 2012, it now expects net operating income to be in a range of $27 million to $30 million. Achieving results within these ranges would result in net operating income between $0.55 and $0.60 per diluted share. Full Article
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
