Meadowbrook Insurance Group, Inc. Reports Second Quarter Results

Meadowbrook Insurance Group, Inc. MIG reported that second quarter 2010 net operating income, a non-GAAP measure, grew by $0.7 million to $12.6 million, or $0.23 per diluted share, up from $11.9 million, or $0.21 per diluted share, in the second quarter of 2009. Net income increased by $1.3 million to $12.9 million, or $0.24 per diluted share, compared to $11.6 million, or $0.20 per diluted share, in the prior year quarter. Second Quarter 2010 Highlights and Overview: Net income increased $1.3 million to $12.9 million, or $0.24 per diluted share, compared to $11.6 million or $0.20 per diluted share for the second quarter of 2009. Net operating income, a non-GAAP measure, increased $0.7 million to $12.6 million, or $0.23 per diluted share, up from $11.9 million or $0.21 per diluted share in the prior year quarter. The combined ratio was 96.2%, compared to 93.3% for the second quarter of 2009. Gross written premium increased by $32.9 million, or 21.0%, to $189.8 million, compared to $156.9 million in the prior year quarter.