Meadowbrook Insurance (MIG) 8-K Forward-Looking Statements & Non-GAAP Financial Measures

Exhibit 99.1

Investor Presentation

Third Quarter Update - 2011

2

Forward-Looking Statements & Non-GAAP Financial
Measures

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.

Notes on Non-GAAP Financial Measures

(1)Net operating income is a non-GAAP measure defined as net income excluding after-tax realized
gains and losses.

(2)Accident year combined ratio is a non-GAAP measure that the impact of any adverse or favorable
development on prior year loss reserves.

These non-GAAP metrics are common measurements for property and casualty insurance
companies. We believe this presentation enhances the understanding of our results by highlighting
the underlying profitability of our insurance business. Additionally, these measures are key internal
management performance standards.

3

Presentation Outline

Overview of Meadowbrook

The Meadowbrook Approach

Financial Review

Key Investment Considerations

4

I.Overview of Meadowbrook

5

Overview of Meadowbrook (“MIG”)

Specialty niche focused commercial insurance underwriter and insurance
administration services company

Founded in 1955, organized as holding company in 1985, IPO in 1995

Headquartered in Southfield, MI

Platform supports both risk bearing and non-risk bearing opportunities

Rated “A-” by A.M. Best, with statutory surplus of $378M and shareholders’
equity of $580M at 9/30/2011

Approximately $882M of GWP on a TTM* 9/30/11 basis

25 locations throughout the U.S. and Bermuda with approximately 1,000
employees

*TTM=Trailing twelve months

6

Capability Building Through Successful Acquisitions

Retail Agency Only

1955: Founded as a retail insurance agency

Core Capability Build Out

1985: Star Insurance Company

1990: Savers Property & Casualty Insurance Company

1994: American Indemnity Insurance Company

1996: Association Self Insurance Services

1997: Williamsburg National Insurance Company

Crest Financial Services

1998: Ameritrust Insurance Corporation

Florida Preferred Administrators, Inc.

1999: TPA Insurance Agency

Continued Synergistic Expansion

2007: USSU

2008: Procentury

Continued Synergistic Expansion

Strategic Staging of Acquisitions

Meadowbrook actively reviews acquisition
prospects on a strategic basis and enters into
transactions that will increase long-term
shareholder value

We consider a range of strategic factors when
looking at acquisitions including:

Opportunity to leverage our diverse
revenue platform, by expanding current
distribution, servicing capabilities, and
complementary product lines and
classes

Ability to attract talented insurance
professionals that are a good fit with
Meadowbrook culture

Opportunity to create “win-win” situation
by mitigation our downside risk and
providing seller with opportunity to obtain
fair value through deal structure

7

We Have Delivered Results Over Time

Total Revenue ($M)

Net Operating Income ($M)

Shareholders’ Equity ($M)

GAAP Combined Ratio

CAGR* (2007 to Present) = 26%

CAGR* (12/31/2007 to Present) = 19%

CAGR* (2007 to Present) = 20% (excludes unusual Q2
2011 storm losses of $7.8M)

*CAGR=Compound annual growth rate

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II.The Meadowbrook Approach

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The Meadowbrook Approach

Our Objective:

To deliver consistent earnings, across the market cycle, with a target return on average equity
of 10% - 17%

We view objective relative to risk free rate, reinvestment rate

We seek to leverage the unique characteristics of our balanced business model to achieve
consistent, profitable results across the market cycle.

10

Diverse Revenue
Sources

Earned premium from insurance operations

Fee revenue from risk management services

Flexibility to utilize multiple distribution channels

Positioned to Manage
Insurance Cycles

Conservative
Investment
Philosophy

Culture of Disciplined
Underwriting, Claims
Handling & Reserving

Product, program and geographic diversification

Admitted market capabilities contribute to stability and higher renewal retention

Non-admitted capabilities enable opportunistic response in volatile pricing environment

High-quality fixed income approach to our $1.4B portfolio

Investment approach reinforces our focus on underwriting profitability

Insurance subsidiaries rated A- (Excellent) by A.M. Best

Insurance subsidiary surpluslevelscan support meaningfulpremium growth

Insurance subsidiaries have additional borrowing capacity through FHLB membership

Generate cash flows from both regulated and non-regulated sources, which provides
flexibility

Manageable debt levels, with access to $35M line of credit
(no outstanding balance)

Strong Capital and
Liquidity Position

Team of talented insurance professionals with a wide range of expertise across all
functions and lines of business

Focused on achieving pricing adequacy and adherence to disciplined underwriting
standards

Our balanced business model allows us to adapt to changing market conditions
and deliver more predictable results.

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Diverse Revenue Sources

Insurance Operations

Net Commission & Fee Revenue

Diverse revenue sources enhance the durability of our business model.

Admitted programs & standard products

Main Street Excess & Surplus Lines

Non-admitted programs

Specialty markets

Relatively small but provides a valuable
source of unregulated cash flow

Agency commission from non-affiliated
carriers

Managed program revenue

Municipality and association clients

TTM 9/30/11

Net Earned Premium:$719.5 M

Pre-Tax Net Earned Premium Profit : $13.5M

Net Investment Income:$54.8M

TTM 9/30/11

Net Commission & Fee Revenue:$31.0 M

Pre-Tax Commission & Fee Income:$7.9M

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Main Street Excess
and Surplus Lines

Admitted Programs &
Standard Markets

Non-Admitted
Programs

Specialty Markets

Homogeneous specialized programs

Heterogeneous geographic centers

Promotes specialty agents

Includes standard market products

Broad classes of “Main Street”
commercial risks

Promotes general agent distribution

Specialized programs ignored or
underserved by the standard market

Promotes wholesalers with specialty
underwriting authority

TTM 9/30/2011 GWP: $471 M

Food service industry

Educators

Auto re-possessors

Health and fitness centers

Description

Examples

Apartments, hotels and motels

Contractors liability

Restaurants, bars and taverns

Convenience stores

Oil and gas contractors

Pet-sitters

Professional liability

Package delivery

Irrigation

Excess workers’ comp

Environmental

Marine

Solutions designed for very specific
products and market segments

Includes both admitted and excess &
surplus lines business

TTM 9/30/2011 GWP: $50 M

TTM 9/30/2011 GWP: $132 M

TTM 9/30/2011 GWP: $229 M

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Positioned to Manage Insurance Cycles
Diverse Mix of Business

TTM September 30, 2011 Gross Written Premium Business Mix

We have built our business to
create product diversification as
indicated by the mix of business

This platform enables us to
grow our business
opportunistically with a focus on
underwriting discipline and
pricing adequacy

Our wide range of product
expertise positions us well to
support future growth

Our new business is primarily
rollover books of business with
a proven track record of
profitability

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Positioned to Manage Insurance Cycles
Diverse Geographic Distribution

Our regional perspective provides the infrastructure to achieve geographic
diversification, while maintaining our effective local touch.

Meadowbrook locations

Top 10 production states (TTM 9/30/2011)

1

2

5

9

10

3

9

6

8

7

Bermuda

Culture of Disciplined Underwriting, Claims
Handling & Reserving

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Loss ratio

Expense ratio

2006 - 2011 GAAP and Accident Year Combined Ratios

96.8%

The profitable GAAP combined ratio and improvements in re-estimated
accident year combined ratios reflect our disciplined culture.

2006

2007

2008

2009#

2010

97.9%

95.4%

98.0%

93.3%

97.8%

93.2%

98.5%

95.0%

99.7%

Re-estimated AY Combined Ratio†

(as of 9/30/2011)

94.4%*

94.5%*

92.8%*

98.3%

†The re-estimated AY combined ratio reflects reserve adjustments made following the accident year, for example, the 94.4% re-estimated 2006 AY combined ratio reflects
new loss development information gathered over the 4.75 years from 12/31/2006 to 9/30/2011; the 94.5% re-estimated 2007 AY combined ratio reflects new loss
development gathered over the 3.75 years from 12/31/2007 to 9/30/2011; etc.

* The 2006 - 2007 initial and re-estimated AY combined ratios excludes Century. The 2008 re-estimated AY combined ratio includes a pro-rata portion of the Century AY
2008 development for the 5 post-merger months.

# 2009 AY and CY expense ratio reflects expense reclassification as disclosed in our May 3, 2010 8-k filing with the SEC.

99.9%

99.0%

99.0%

99.0%

2011

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Conservative Investment Philosophy

We maintain a high-quality, low-risk investment portfolio.

Portfolio Allocation and Quality

NOTE: Data above as of September 30, 2011

Low equity risk exposure

98% fixed income and
cash

2% equity

High credit quality

99% of bonds are
investment grade

Average S&P rating of
AA/Moody’s of Aa3

Interest Rate Risk Protection

Hold to maturity

High credit quality =
low historical
impairments

Access to additional
capital if needed

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Our high quality investment portfolio is well matched to our loss
reserves and generates a predictable stream of income.

Net investment income
has grown to $55M in the
TTM 9/30/11 from $26M in
2007

Invested asset base
increased to $1.4B at
9/30/2011, from $0.6B at
12/31/2007

Pre-tax book yield was
4.1% at 9/30/2011 vs.
4.5% at 12/31/2007

The duration of our
portfolio increased to 4.9
years at 9/30/2011 from
4.4 years at 12/31/2007

The duration on net
reserves of $853M is
approximately 3.7 years

Pre-tax Net Investment Income ($ in M) and Average
Investment Yield

*4.4

*4.8

*5.1

*5.0

*4.9

*Effective Duration

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Strong Capital and Liquidity Position

We are working from a strong capital position as our surplus levels support future growth,
our debt levels are low, our dividend payout ratio is sustainable, and we have the ability to
fund additional share repurchases.

Statutory Premium Leverage (TTM 9/30/11)ActualTargeted Maximum

•GWP to Statutory Surplus2.3 to 12.75 to 1

•NWP to Statutory Surplus2.0 to 12.25 to 1

Debt to Equity (9/30/11): 18.7%; 4.7% excluding debentures

Debt to Total Capital (9/30/11): 15.8%; 4.0% excluding debentures

Dividend yield (at 11/4/11): 1.9%

Dividend payout ratio* (TTM 9/30/11): 18.1%

During the first nine months of 2011 we repurchased 2.2M shares at an average cost of
$9.19 per share; these accretive share repurchases increased book value per share by
$0.09.

Management is authorized to repurchase up to an additional 5M shares

*Dividend payout ratio calculated as: TTM 9/30/11 dividends paid / TTM 9/30/11 Net Operating Income

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III.Financial Review

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Financial Highlights - YTD September 30, 2011

Highlights ($ in M, except per share amounts)

Despite the unusual second quarter 2011 storms, we continue to achieve profitable growth.

YTD Expense Ratio Analysis

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Reduction in internal expense ratio reflects a reduction in variable compensation and the
leveraging of fixed costs over a larger premium base.

Net earned premium$486.1M$545.7M

Policy acquisition $168.3M$184.6M
and other u/w expenses

Expense ratio34.6%33.8%

YTD Loss & LAE Ratio Analysis

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YTDGAAP Loss & LAE Ratio and Accident Year Loss & LAE Ratio Analysis

GAAP Loss & LAE

AY Loss & LAE

65.2%

Underwriting & Pricing Actions Taken

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Workers Comp Rate Increases:

California: 26.9% cumulative rate increase since 2008 (7.7% effective 3/1/11, 9.2% effective
4/1/10, 10.0% effective 10/1/09)

Additional 7.5% rate increase to be effective 4/15/12

Florida: 7.8% (effective 1/1/11)

Additional 8.9% rate increase to be effective 1/1/12

New Jersey: 3.9% (effective 1/1/11)

Underwriting Actions:

Took action on certain workers’ compensation programs securing significant rate increases, as
well as restricting business from certain states and classes of business

Took action on a national transportation program securing significant rate increases, as well as
tightening underwriting procedures through review of driver records

Maintain culture of “early intervention” through continuous review of all programs and books of
business to ensure that our profitability targets are met

We actively manage our business to achieve profitable results.

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Full Year 2011 and 2012 Guidance

Looking ahead, we believe our balanced business model positions us well to continue
to deliver predictable earnings

* The Q2 unusual storm losses were
$7.8M net of tax or$0.15/diluted
share.

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IV.Investment Considerations

Investment Considerations

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Balanced business model delivers consistent, profitable results

Average GAAP combined ratio of 95.2% (2007-Present)

GAAP combined ratio standard deviation of 2.0% (2007-Present)

Average ROAE (net operating income)10.4% (2007-Present)

Proven history of generating profitable growth

Revenue CAGR (2007-Present): 26%

Net Operating Income CAGR (2007-Present): 20%

BVPS CAGR (2007-Present): 9%

Strong balance sheet

Current capital and low debt levels position us well to fund future growth

High-quality, low-risk investment portfolio

Disciplined reserving culture and track record of reserve adequacy

Proactive capital management

Since 2008 we have returned $81M, or 44% of net operating income, to shareholders
through dividends and share repurchases

Quarterly dividend initiated in 2008; increased to $0.05 per share in 2011

Management authorized to repurchase up to 5M shares