Meadowbrook Insurance Group, Inc.,announced today that it has entered into a definitive agreement to acquire U.S. Specialty Underwriters, Inc. (USSU) for a purchase price of $23.0 million. The purchase price is comprised of $13.0 million in cash and $10.0 million in Meadowbrook stock. Total additional shares issued for the $10.0 million portion of the purchase price were 907,935 shares.
Based in Cleveland, Ohio, USSU is a specialty program manager that produces fee based income by underwriting excess workers’ compensation coverage for a select group of insurance companies. USSU has a nationwide network of agents and brokers that service the self-insurance industry. USSU focuses on self-insureds within the healthcare industry and public schools in twenty-nine states.
The transaction closed concurrent with signing of the definitive agreement.
Meadowbrook is a risk management organization, specializing in alternative risk management solutions for agents, brokers, professional/trade associations, and small to medium-sized insureds.
Source: Meadowbrook Insurance Group, Inc.
Topics Mergers & Acquisitions Excess Surplus Workers' Compensation Michigan
Was this article valuable?
Here are more articles you may enjoy.
Florida’s Commercial Clearinghouse Bill Stirring Up Concerns for Brokers, Regulators 
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
