Meadowbrook Insurance (MIG) 8-K Regulation FD Disclosure

Exhibit 99.2

Investor Supplement

February 2011

2

Forward-Looking Statements

Certain statements made by Meadowbrook Insurance Group, Inc. in this presentation may
constitute forward-looking statements including, but not limited to, those statements that include
the words "believes," "expects," "anticipates," "estimates," or similar expressions. Please refer
to the Company's most recent 10-K, 10-Q, and other Securities and Exchange Commission
filings for more information on risk factors. Actual results could differ materially. These forward-
looking statements involve risks and uncertainties including, but not limited to the following: the
frequency and severity of claims; uncertainties inherent in reserve estimates; catastrophic
events; a change in the demand for, pricing of, availability or collectability of reinsurance;
increased rate pressure on premiums; obtainment of certain rate increases in current market
conditions; investment rate of return; changes in and adherence to insurance regulation;
actions taken by regulators, rating agencies or lenders; obtainment of certain processing
efficiencies; changing rates of inflation; and general economic conditions. Meadowbrook is not
under any obligation to (and expressly disclaims any such obligation to) update or alter its
forward-looking statements whether as a result of new information, future events or otherwise.

3

Expense Reclassification

During the first quarter of 2010, the Company made certain reclassifications to the expense
classifications on the Consolidated Statement of Income. These reclassifications were made to
enable the user of the financial statements to calculate the GAAP combined ratio directly from
the Consolidated Statement of Income. As a result, the Consolidated Statement of Income for
the twelve months ended December 31, 2009 has been reclassified to conform to this revised
presentation. These reclassifications do not change total expenses or consolidated net income
as originally reported for the twelve months ended December 31, 2009. Please refer to Form 8-
k filed on May 3, 2010 for further detail. For the twelve months ended December 31, 2010, this
refinement resulted in a 1.7 percentage point increase in the expense ratio, a 1.0 percentage
point decrease in the loss and LAE ratio and a decrease of $4.9 million in general selling and
administrative costs.

4

Full Year 2010 v. 2009 Comparison

(in thousands, except ratios)

Underwriting and Investing
Activities

Top line premium growth driven
primarily bynew initiatives that were
launched in the second half of 2009

Growth in net investment income
reflects 11.6% growth in average
invested assets, off-set by a
prolonged low reinvestment rate
environment in 2010

See slide 5/ for combined ratio
analysis

Net Commissions & Fees

Decline in fee and commission
revenue is driven by continued soft
market and conversion of USSU to
our paper in Q4 2010

After the cost refinement reduction of
$4.9 million, the remaining decrease
in general selling and administrative
expense reflects our ability to
leverage fixed costs

Other Expenses

Reduction in other expenses driven
by lower outstanding debt balance
and reduction of scheduled
amortization

5

Loss and LAE Ratio

The 2010 loss ratio includes 4.7 points of favorable
development compared to 5.3 points of favorable
development in 2009

The 2010 loss ratio includes the 1.0 point reduction
to ULAE due to the refinement of the allocation
process for administrative expenses and claims
handling expenses

Excluding the 1.0 point reduction to ULAE, the
2010 loss and LAE ratio is slightly higher than 2009
due to higher incurred losses in short tail lines in
2010

Expense Ratio

The 2010 expense ratio increase reflects an
increase in external expenses, includinghigher
commissions paid to agents for performing certain
policy processing activities

We refined our allocation process between
administrative expense and claims handling and
general selling and administrative expenses, which
resulted in a 1.7 point increase in the expense
ratio.

Otherwise, 2010 internal expenses are slightly
down from 2009 as we leverage fixed costs

(in thousands, except ratios)

Calendar Year Ratios	12 months ended 2009	12 months ended 2010
Net Earned Premium	$539,602	$659,840
Net Loss and Loss Adjustment Expense	(327,426)	(399,650)
GAAP Net Loss and LAE Ratio	60.7%	60.6%
Policy Acquisition and Other Underwriting Expenses	(175,134)	(227,031)
GAAP Expense Ratio	32.5%	34.4%
GAAP Combined Ratio	93.2%	95.0%
Accident Year Ratios
Calendar Year GAAP Net Loss and LAE Ratio	60.7%	60.6%
Favorable Prior Year Development	$28,670	$31,003
Impact of Favorable Prior Year Development	5.3%	4.7%
Accident Year Loss Ratio	66.0%	65.3%
GAAP Expense Ratio	32.5%	34.4%
Accident Year Combined Ratio	98.5%	99.7%

6

ROE Components

We have generated predictable earnings over the past two years, meeting our target
ROAE range of 10% - 17%.

7

ROAE & Combined Ratio Illustration

2010 - ROAE of 11.4%, Combined Ratio of 95.0% and Investment Yield of 4.2%

2010

We strive to deliver predictable earnings across the market cycle with a return on average
equity target of 10% - 17%.

8

Investment Portfolio Appendix

9

We Maintain a High Quality, Low Risk Investment Portfolio

We maintain a conservative investment portfolio

Portfolio Allocation and Quality

Allocation based on market value

Low equity risk exposure

–98% fixed income and cash

–2% equity

High credit quality

–98% of bonds are investment grade

–Average S&P rating of AA / Moody’s
of Aa2

The effective duration of our $1.3 billion
portfolio is 5.0 years

The duration on net reserves of $784
million is approximately 3.3 years

NOTE: Data above as of December 31, 2010

10

Municipal Bonds

Municipals v. Entire Portfolio

Quality Indicators

State Profile

Credit Enhancements*

$546.7M market value; 44% of the investment
portfolio

December 31, 2010 net unrealized gain was
$20.0M

Tax exempt unrealized gain$19.7M

Taxable unrealized gain$0.3M

Average tax equivalent yield:5.5%

FMV as a % of BV is 103.8% as of December
31, 2010

11

Structured Securities

Structured Relative to Entire Portfolio

Quality Indicators

RMBS Profile

$247.9M market value; 20% of the managed
portfolio

December 31, 2010 unrealized gain was
$12.9M

RMBS unrealized gain$11.3M

CMBS unrealized loss$0.8M

ABS unrealized loss$0.8M

Average investment yield:5.2%

12

Corporate Fixed Income

Corporates Profile

Corporates Relative to Entire Portfolio

Quality Indicators

Sector	Weight
Consumer non-cyclicals	19%
Banking	14%
Energy	13%
Electric	10%
Basic Industry	8%
All Other Sectors	36%

$400.5M market value; 32% of the
managed portfolio

December 31, 2010 unrealized gain was
$20.2M.

Average investment yield: 4.6%

13

Government and Agency

Government and Agency Profile

Government and Agency Relative to
Entire Portfolio

$26.7 million market value; approximately
2% of the managed portfolio

100% rated AAA

December 31, 2010 unrealized gain was
$1.3 million

Average investment yield: 3.1%

14

Equities

Equities Relative to Entire Portfolio

Top 5 Equity Holdings

$28.5 million market value; 2% of the
managed portfolio

December 31, 2010 unrealized gain was
$2.9M

Preferred stock unrealized gain
$2.0M

Bond mutual fundunrealized gain
$0.9M

Average tax equivalent yield: 7.9%