Merger of Meadowbrook Insurance, ProCentury one step closer to completion

By Lisa Kerner

Charlotte, N.C., July 14 - Shareholders of Meadowbrook Insurance Group, Inc. and of ProCentury Corp. approved the merger of the two companies, it was announced on Monday.

Meadowbrook and ProCentury announced plans to merge in February and expect the transaction to close in the third quarter of 2008, a joint news release stated.

As previously reported, Meadowbrook will acquire ProCentury in a transaction valued at about $272.6 million.

ProCentury shareholders will be entitled to receive $20 in cash or Meadowbrook common stock with a value of $20, subject to proration.

Once the merger is complete, the newly combined company will operate under the Meadowbrook name and will continue to trade on the New York Stock Exchange under the ticker symbol "MIG," according to a prior news release.

Meadowbrook is a risk management solutions provider located in Southfield, Mich.

ProCentury is a specialty property and casualty insurance holding company based in Columbus, Ohio.

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