Meadowbrook Announces New Debt Agreement

Michigan’s Meadowbrook Insurance Group, Inc. announced that the Company has successfully executed a revised credit facility with its existing bank.

The new agreement includes “a $20.0 million term loan and a revolving line of credit for up to $8.0 million,” said the company. The term loan will be amortized quarterly beginning on October 1, 2002 until July 1, 2006, “at which time the term loan will be paid in full.”

Meadowbrook indicated that “the revolving line of credit will expire on July 1, 2004, and is thereafter renewable on an annual basis. ”

Commenting on the Company’s credit facility, Meadowbrook President and CEO Robert S. Cubbin stated, “We value our long-term relationship with our bank and are pleased with the economic benefits inherent in the terms and conditions of this credit facility.”

The company specializes in the alternative risk market, providing solutions for agents, brokers, professional and trade associations, and insureds of all sizes. It also operates retail insurance agencies representing policyholders in placing their insurance coverages with unaffiliated insurance companies