UPDATE: BGB Securities Upgrades Meadowbrook Insurance Group to Buy

BGB Securities raises its rating on Meadowbrook Insurance Group

as the addition to reserves for the fourth quarter appears to be a one-time deal. BGB Securities notes, "Despite disappointing results for the quarter due to increasing reserves on prior year business, the company does provide a solid base for rate increases. The accident year combined ratio improved YoY, California Workers' Comp business remains profitable and pricing is keeping up with loss costs according to the company. Cash flow remains positive and the investment portfolio continues to grow. The company has room to grow as premium rates increase at a steady pace." MIG closed at $9.59 a share yesterday.