Meadowbrook Insurance, ProCentury combine in cash and stock deal

By Lisa Kerner

Charlotte, N.C., July 31 - Meadowbrook Insurance Group, Inc. completed its acquisition of ProCentury Corp. as planned on Thursday.

According to Meadowbrook, it paid approximately $99.2 million in cash and issued about 21.2 million shares of common stock, for a total purchase price of about $220.5 million, in exchange for the cancellation of all the outstanding common shares of ProCentury.

Under the merger agreement, ProCentury shareholders could elect to receive either $20 in cash or 2.5 shares of Meadowbrook common stock.

Both companies' shareholders approved the merger on July 14, a prior news release noted.

Meadowbrook, commenting on the merger, noted that the company's programs and ProCentury's products and wholesale agent distribution systems do not overlap, and the expertise in each organization will remain intact.

It was previously reported that 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."

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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