The fourth-quarter profits of Troy, Mich.-based Meadowbrook Insurance Group increased to $2.5 million, or 8 cents per share, from $519,000, or 6 cents per share, from a year-earlier quarter.
Revenues for 2002 were $45 million, down $11.4 million, or 20.3 percent, from 2001. The revenue decrease had been foreseen by the company.
Meadowbrook continues to increase rates in excess of 15 percent, while open claims on discontinued business declined by 21 percent in the quarter.
For the year, Meadowbrook was in the black $1.7 million, or 8 cents per share, compared to a net loss of $6.5 million, or 76 cents per share, in 2001.
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