Meadowbrook Raises $20M in New Capital

Meadowbrook Insurance Group (NYSE: MIG) announced Monday the company has raised approximately $20 million in a trust preferred pooled transaction through the sale of securities of its subsidiary Meadowbrook Capital Trust II. The securities are classified as long-term debt and have a floating rate equal to the three- month LIBOR plus 358 basis points and mature in 30 years. The securities can be called by the issuer after five years from the date of issuance. The funds will be used to support future premium growth through contributions to insurance carrier subsidiaries' surplus, shar...