Specialty program manager Meadowbrook Insurance Group Inc. says it expects to add more than $31 million to its reserves to handle higher-than-expected loss activity from accident years 2009, 2010 and 2011.
The expense will be recorded in third quarter results, as will nearly $8 million in losses from storms during the quarter, says the Southfield, Mich.-based insurer.
Robert S. Cubbin, president and chief executive officer, says the company is “disappointed” in its calendar-year results, but “rate increases and underwriting actions taken since 2009 position us to return to profitable and stable underwriting results.”
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