Southfield, Mich.-based Meadowbrook Insurance Group holdingcompany and ProCentury Corp. said yesterday that stockholders ofboth insurers have approved ProCentury's $273 million acquisitionby Meadowbrook.

Last Thursday Meadowbrook announced it had finally receivedcommitments for its proposed $100 million financing arrangementsfor the deal. In June the company said it was still $15 millionbelow that target figure.

Both firms are specialty property and casualty operations.ProCentury is based in Columbus, Ohio.

Robert Cubbin, president and chief executive officer ofMeadowbrook, and Edward Feighan, chairman and CEO of ProCenturyCorporation, jointly made the announcement.

Meadowbrook and ProCentury announced their plans to merge inFebruary. The transaction is expected to close in the thirdquarter.

Mr. Cubbin said, "The Meadowbrook and ProCentury managementteams have been working together diligently to insure a smoothtransition to form one cohesive organization. Many initiatives areunderway to develop the numerous growth opportunities created bythis merger of two strong, experienced and disciplinedoperations."

Mr. Feighan added that the firms believe the merger creates"exciting opportunities for both companies' employees, agents andshareholders that did not exist before the merger."

Meadowbrook Insurance Group is a risk management organizationfor the alternative risk market, specializing in alternative riskmanagement solutions for agents, professional and tradeassociations, and small to medium-sized insureds.

ProCentury is a specialty property and casualty insuranceholding company. Its subsidiary, Century Surety Company,underwrites property and casualty insurance for small and midsizebusinesses.

Century Surety Company primarily writes excess and surplus linesinsurance and markets its products through a select network ofgeneral agents.