Meadowbrook Takes $31.4M Hit on Reserves in 3rd Quarter

Meadowbrook Insurance Group said on Friday it will write down $31.4 million in the third quarter of 2012 to boost loss reserves, with $8.5 million of that going to increase workers' compensation reserves for accident years 2009 and 2010."We are very disappointed with our 2012 calendar year results," stated Chief Executive Officer Robert S. Cubbin. "However, we believe the rate increases and underwriting actions taken since 2009 position us to return to profitable and stable underwriting results.Cubbin said most of the increase in loss reserves was due to poor experience in its property lin...