Meadowbrook Insurance Group has reported a record $28 million in net income, or $0.85 per diluted share, for the year ended December 31, 2007, up 27%, from net income of $22 million, or $0.75 per diluted share reported in 2006.
Meadowbrook Insurance’s net operating income, excluding amortization, increased 32.1% to $29.8 million, or $0.90 per diluted share, compared to $22.6 million, or $0.76 per diluted share in 2006.
Revenues for the period increased $22.5 million, or 7.1%, to $340.7 million, compared to $318.2 million in 2006. Net income for the fourth quarter of 2007 was $7.3 million, or $0.20 per diluted share, an increase of 23.3%, compared to net income of $5.9 million, or $0.20 per diluted share for the comparable quarter in 2006. For the quarter, revenues increased 8.9% to $86.1 million, compared to $79.1 million in 2006.
Robert Cubbin, president and CEO of Meadowbrook Insurance, said: 2007 was another year of record earnings for Meadowbrook. We are pleased with the incremental growth we have experienced in 2007, despite a more competitive environment. We continue to explore additional opportunities to make select acquisitions that will generate immediate cash returns, while we remain committed to our underwriting discipline and controls over price adequacy.