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Meadowbrook Insurance Posts Loss

Meadowbrook Insurance Group Inc. (MIG) Tuesday reported fourth-quarter net loss of $12 million or $0.24 per share, compared with net income of $38 million or $0.76 per share last year.

Results for the recent quarter results included $0.06 per share of after-tax realized gains, compared with $0.76 per share last year.

Excluding items, operating loss for the quarter was $15 million or $0.30 per share, compared to with earnings of $47,000 or less than $0.01 per share a year ago.

Analysts polled by Thomson Reuters estimated earnings of $0.12 per share. Analysts' estimates typically exclude special items.

Total revenue for the quarter fell to $196.6 million from $300 million last year. Analysts expected revenue of $189.05 million.

The combined ratio was 124.6% for the quarter, compared with 104.5% in the prior year.

For 2014, the company still expects gross written premium to be between $775 million and $800 million and operating earnings to be between $25 million and $35 million or between $0.50 and $0.70 per share.

by RTT Staff Writer

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