History

In Business for 60 Years!

In 1955, Meadowbrook was founded as a retail insurance agency in southeastern Michigan.

During the 1960’s, the agency began to specialize in offering niche insurance programs and risk management services for industry trade groups and associations.

As its presence in this marketplace expanded, Meadowbrook became a leading innovator with the “risk-sharing” concept.  As such, a new dimension of “alternative risk” and captives was embraced.  In 1976, Meadowbrook created its first “alternative risk” program with a Bermuda captive insurance company.  As Meadowbrook formed more of these client groups, it established a full service facility including underwriting, policy administration, claims handling, loss control, actuarial, reinsurance, captive management and premium finance services.

In 1985, Meadowbrook formed its first insurance company – Star Insurance Company -which is licensed and admitted in all 50 states. Meadowbrook acquired three additional domestic insurance carriers in the 1990’s: Savers Property & Casualty Insurance Company, Williamsburg National Insurance Company, and Ameritrust Insurance Corporation.

In 1995, Meadowbrook Insurance Group began trading on the New York stock exchange under the symbol “MIG”.

In 2008, Meadowbrook further expanded its insurance carrier operations by merging with ProCentury Corporation, parent of Century Surety Company and ProCentury Insurance Company. This provided Meadowbrook with the ability to offer nationwide admitted and excess & surplus lines insurance products.

Even with the formation and acquisition of insurance carriers, Meadowbrook remained true to its agency roots. Today, Meadowbrook operates a number of retail and wholesale insurance agencies which provide a strong source of commission and fee-based revenues.

Meadowbrook has evolved into a national organization offering a broad range of insurance solutions. The corporate headquarters is located in Southfield, Michigan with regional offices located throughout the United States. Meadowbrook employs nearly 900 people and currently generates approximately $750 million in gross written premium annually.

 

A Look Through Meadowbrook’s History

  • 1955
    Founded as a retail agency in southeastern Michigan
  • 1985
    Founded Star Insurance Company
  • 1995
    Meadowbrook’s common stock becomes publicly traded (NYSE: MIG)
  • 1996
    Acquired Association Self Insurance Services (ASI), a third party administrator based in Alabama
  • 1997
    Acquired Crest Financial Corporation, California based parent company of Williamsburg National Insurance Company, Interline Insurance Services (wholesale agency), and Commercial Carriers Insurance Agency (retail agency)

    Acquired retail agency based in Saginaw, Michigan

  • 1998
    Acquired Ameritrust Insurance Corporation and Florida Preferred Administrators (based in Sarasota, FL)
  • 1999
    Acquired TPA Associates (Andover, MA) and Preferred Comp of Tennessee (Nashville, TN)
  • 2005
    Acquired Insurance and Benefits Consultants (Florida-based personal lines agency)
  • 2007
    Acquired U.S. Specialty Underwriters (based in Cleveland, OH; USSU produces excess workers’ compensation business)
  • 2008
    Merger transaction with ProCentury Corporation (parent of Century Surety Company & ProCentury Insurance Company)
  • 2013
    Launched the new risk management platform: Safetysurance
  • 2015
    Merged with Fosun International Limited. Fosun was founded in 1992 in Shanghai, China. Fosun International Limited was listed on the Main Board of The Stock Exchange of Hong Kong Limited on July 16, 2007. Fosun’s businesses include two major segments, integrated finance and industrial operations.
  • 2015
    Acquired Mackinaw Administrators, a Brighton, Michigan based program and claim administrator for insurance and risk management programs.

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