Meadowbrook Insurance Group Inc. said it is $15 million short of the $100 million it needs to finance the previously announced acquisition of ProCentury.

The Southfield, Mich.-based insurer announced in late February an agreement with ProCentury Corp. to acquire the underwriter in a combination cash and stock transaction with a total worth of $273 million (see NU Online, Feb. 21).

Meadowbrook said it has financing commitments totaling $85 million to its proposed $100 million senior credit facilities. The carrier said the deal is being arranged by Banc of America Securities LLC. The commitments are from Bank of America, J.P. Morgan Chase Bank and KeyBank. The balance of the financing is expected to be completed from additional lenders in mid-July.

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