<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(Amendment No. )1/
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Meadowbrook Insurance Group, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
58319P108
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(CUSIP Number)
Philo Smith, 2950 Summer Street
Stamford, Connecticut 06905 (203) 348-7365
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
December 10, 1997
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and
is filing this schedule because of Rule 13d-1(b)(3) or (4), check the
following box / /.
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are
to be sent.
(Continued on following pages)
Page 1 of 14 Pages
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_________________________
1/The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
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CUSIP No. 58319P108 13D Page 2 of 14 Pages
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(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (Entities Only)
Philo Smith
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(2) Check the appropriate box if a member (a) / /
of a Group* (b) /X/
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(3) SEC USE ONLY
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(4) Source of Funds*
AF
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(5) Check box if disclosure of legal proceedings is required pursuant to
item 2(d) or 2(e) / /
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(6) Citizenship or place of organization
United States citizen
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Number of Shares (7) Sole Voting Power
Beneficially Owned None
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting Power
510,800
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(9) Sole Dispositive Power
None
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(10) Shared Dispositive Power
510,800
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
595,600
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(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
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(13) Percent of Class Represented by Amount in Row (11)
6.9%
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(14) Type of Reporting Person*
IN
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*See Instructions Before Filling Out!
<PAGE>
CUSIP No. 58319P108 13D Page 3 of 14 Pages
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(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (Entities Only)
Philo Smith & Co., Inc.
- -------------------------------------------------------------------------------
(2) Check the appropriate box if a member (a) / /
of a Group* (b) /X/
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(3) SEC USE ONLY
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(4) Source of Funds*
AF
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(5) Check box if disclosure of legal proceedings is required pursuant to
item 2(d) or 2(e) / /
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(6) Citizenship or place of organization
Connecticut
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Number of Shares (7) Sole Voting Power
Beneficially Owned None
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting Power
76,200
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(9) Sole Dispositive Power
None
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(10) Shared Dispositive Power
76,200
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
76,200
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(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
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(13) Percent of Class Represented by Amount in Row (11)
.009%
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(14) Type of Reporting Person*
CO
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*See Instructions Before Filling Out!
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CUSIP No. 58319P108 13D Page 4 of 14 Pages
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(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (Entities Only)
PSCO Partners Limited Partnership - 06-0921598
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(2) Check the appropriate box if a member (a) / /
of a Group* (b) /X/
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(3) SEC USE ONLY
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(4) Source of Funds*
WC
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(5) Check box if disclosure of legal proceedings is required pursuant to
item 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or place of organization
Connecticut
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned None
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting Power
76,200
--------------------------------------------------
(9) Sole Dispositive Power
None
--------------------------------------------------
(10) Shared Dispositive Power
76,200
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
76,200
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
.009%
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(14) Type of Reporting Person*
PN
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*See Instructions Before Filling Out!
<PAGE>
CUSIP No. 58319P108 13D Page 5 of 14 Pages
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(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (Entities Only)
PSCO Partners Limited Partnership Two
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(2) Check the appropriate box if a member (a) / /
of a Group* (b) /X/
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(3) SEC USE ONLY
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(4) Source of Funds*
WC
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(5) Check box if disclosure of legal proceedings is required pursuant to
item 2(d) or 2(e) / /
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(6) Citizenship or place of organization
Connecticut
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Number of Shares (7) Sole Voting Power
Beneficially Owned 84,800
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting Power
None
--------------------------------------------------
(9) Sole Dispositive Power
84,800
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(10) Shared Dispositive Power
None
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
84,800
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
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(13) Percent of Class Represented by Amount in Row (11)
.01%
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(14) Type of Reporting Person*
PN
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*See Instructions Before Filling Out!
<PAGE>
CUSIP No. 58319P108 13D Page 6 of 14 Pages
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(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (Entities Only)
PSCO Fund Limited
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(2) Check the appropriate box if a member (a) / /
of a Group* (b) /X/
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(3) SEC USE ONLY
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(4) Source of Funds*
WC
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(5) Check box if disclosure of legal proceedings is required pursuant to
item 2(d) or 2(e) / /
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(6) Citizenship or place of organization
Bermuda
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Number of Shares (7) Sole Voting Power
Beneficially Owned None
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting Power
434,600
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(9) Sole Dispositive Power
None
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(10) Shared Dispositive Power
434,600
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
434,600
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(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
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(13) Percent of Class Represented by Amount in Row (11)
5.0%
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(14) Type of Reporting Person*
IV
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*See Instructions Before Filling Out!
<PAGE>
CUSIP No. 58319P108 13D Page 7 of 14 Pages
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(1) Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (Entities Only)
Philo Smith Capital Corporation
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(2) Check the appropriate box if a member (a) / /
of a Group* (b) /X/
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(3) SEC USE ONLY
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(4) Source of Funds*
AF
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(5) Check box if disclosure of legal proceedings is required pursuant to
item 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) Citizenship or place of organization
Connecticut
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting Power
Beneficially Owned 84,800
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting Power
434,600
--------------------------------------------------
(9) Sole Dispositive Power
84,800
--------------------------------------------------
(10) Shared Dispositive Power
434,600
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
519,400
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(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares*
/ /
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(13) Percent of Class Represented by Amount in Row (11)
6.0%
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(14) Type of Reporting Person*
CO
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*See Instructions Before Filling Out!
<PAGE>
ITEM 1. SECURITY AND ISSUER.
This Schedule 13D is filed with respect to the common stock of
Meadowbrook Insurance Group, Inc. ("Meadowbrook"), 26600 Telegraph
Road, Southfield, Michigan 40834.
ITEM 2. IDENTITY AND BACKGROUND.
This Schedule 13D is filed by Philo Smith, Philo Smith & Co., Inc.,
PSCO Partners Limited Partnership, PSCO Partners Limited Partnership
Two, PSCO Fund Limited and Philo Smith Capital Corporation.
PSCO Partners Limited Partnership ("PSCO Partners") is a
Connecticut limited partnership located at 2950 Summer Street,
Stamford, Connecticut 06905. It is an investment partnership. Its
General Partners are Philo Smith, an individual, and Philo Smith &
Co., Inc., a Connecticut corporation (the "Company"), both located at
2950 Summer Street, Stamford, Connecticut 06905. The principal
occupation of Philo Smith is to provide financial advisory services.
The principal business of the Company is to engage in corporate
finance activities, to act as General Partner of PSCO Partners, and
to publish a monthly journal concerning the insurance industry.
The directors of the Company are Philo Smith, James E. Inglis,
2950 Summer Street, Stamford, Connecticut 06905, whose principal
occupation is acting as Vice President, Treasurer and Secretary of
the Company, James A. Amen, 2950 Summer Street, Stamford, Connecticut
06905, whose principal occupation is acting as Vice President of the
Company, and George M. Whitmore, Jr., 4 Cedarwood Drive, Greenwich,
Connecticut 06830, a self-employed management consultant. The
officers are Philo Smith, President, James E. Inglis, Vice President,
Treasurer and Secretary, and James A. Amen, Vice President.
PSCO Partners Limited Partnership Two ("PSCO Partners Two") is a
Connecticut limited partnership located at 2950 Summer Street,
Stamford, Connecticut 06905. It is an investment partnership. Its
General Partner is Philo Smith Capital Corporation, a Connecticut
corporation ("Capital"), located at 2950 Summer Street, Stamford,
Connecticut, 06905. The principal business of Capital is investment
management and corporate finance. Capital's directors are Philo
Smith, James E. Inglis, James A. Amen, and George M. Whitmore, Jr.
The officers of Capital are Philo Smith, President, James E. Inglis,
Vice President, Treasurer and Secretary, and James A. Amen, Vice
President.
Page 8 of 14 Pages
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<PAGE>
PSCO Fund Limited is an open-end investment company incorporated in
Bermuda and located at 6 Front Street, Hamilton 11, Bermuda. The
principal business of PSCO Fund Limited is investment management.
The directors of PSCO Fund Limited are Philo Smith, Dr. Ernst
Baumgartner, employed by DUNA INVEST, 1010 Wien, Salztorgasse 512,
Austria, Frank N.C. Lochan, Senior Vice President, Trilon Financial
Corporation, BCE Place, 181 Bay Street, P.O. Box 171, Suite 4420,
Toronto, Ontario, Canada, M5J 2T3, John C.R. Collis, partner,
Conyers, Dill & Pearman, Clarendon House, 2 Church Street, Hamilton
HM 11, Bermuda, and David T. Smith, Senior Manager, Corporate Trust,
The Bank of Bermuda Limited, Bank of Bermuda Building, 6 Front
Street, Hamilton HM 11, Bermuda. The officers of PSCO Fund Limited
are Frank N.C. Lochan, Chairman and President and David T. Smith,
Vice President and Secretary. The investment advisor for PSCO
Fund Limited is Capital.
None of the reporting persons nor any of the other persons
identified in this item has been convicted, during the past five
years, in a criminal proceeding (excluding traffic violations or
similar misdemeanors). None, during the past five years, has been a
party to a civil proceeding resulting in a judgment, decree or
final order relating to securities laws. Each natural person
identified above is a U.S. citizen except for Frank N.C. Lochan,
a Canadian citizen, Dr. Ernst Baumgartner, an Austrian citizen
and John C.R. Collis and David T. Smith, both of whom are British
citizens.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The amount of funds expended for the shares of common stock of
Meadowbrook held by PSCO Partners was approximately $1,770,683
(including commissions). PSCO Partners used cash available to it for
such purchases, and no borrowed funds were involved.
The amount of funds expended for the shares of common stock of
Meadowbrook held by PSCO Partners Two was approximately $2,083,429
(including commissions). PSCO Partners Two used cash available to it
for such purchases, and no borrowed funds were involved.
The amount of funds expended for the shares of common stock of
Meadowbrook held by PSCO Fund Limited was approximately $10,419,715
(including commissions). PSCO Fund Limited cash available to it for
such purchases, and no borrowed funds were involved.
Page 9 of 14 Pages
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ITEM 4. PURPOSE OF TRANSACTION.
The purpose of the purchases by the reporting persons has been to
acquire shares for investment. Philo Smith, the Company, PSCO
Partners, PSCO Partners Two, PSCO Fund Limited and Capital may
purchase additional shares of Meadowbrook, from time to time,
depending upon price, market conditions, availability of funds,
evaluation of alternative investments and other factors. Although
none of these persons has a present intention to sell the shares
anticipated to be acquired, one or all of them might determine
to sell some or all of such shares based upon need for funds, price,
and similar factors.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
PSCO Partners owns 76,200 shares of Meadowbrook common stock,
or approximately .009% of the outstanding shares of that class. PSCO
Partners Two owns 84,800 shares of Meadowbrook common stock, or
approximately .01% of the outstanding shares of that class. PSCO Fund
Limited owns 434,600 shares of Meadowbrook common stock, or
approximately 5.0% of the outstanding shares of that class.
Philo Smith and the Company share voting and investment power
with respect to shares held by PSCO Partners. Capital has sole
voting and investment power with respect to shares held by PSCO
Partners Two. Philo Smith and Capital share voting and investment
power with respect to shares held by PSCO Fund Limited.
With respect to shares held by PSCO Partners, PSCO Partners Two, and
PSCO Fund Limited, no person other than the holder has the right or
power to receive dividends from, or proceeds from the sale of,
shares of Meadowbrook.
By virtue of the investment and voting arrangement described above,
Philo Smith and the Company beneficially own 76,200 shares of the
common stock of Meadowbrook, or approximately .009% of the
outstanding, held by PSCO Partners, Capital beneficially owns 84,800
shares of the common stock of Meadowbrook, or approximately .01% of
the outstanding, held by PSCO Partners Two, and Philo Smith and
Capital beneficially own 434,600 shares of the common stock of
Meadowbrook, or approximately 5.0% of the outstanding, held by PSCO
Fund Limited.
In the past sixty days, PSCO Partners has not effected any
transactions in the common stock of Meadowbrook.
Page 10 of 14 Pages
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<PAGE>
In the past sixty days, PSCO Partners Two has effected the following
transactions in the common stock of Meadowbrook, each a purchase
through a normal brokerage transaction in the over-the-counter
market:
<TABLE>
<CAPTION>
TRADE DATE NUMBER OF SHARES PRICE
---------- ---------------- -----
<S> <C> <C>
1/05/98 5,000 25.9375
1/07/98 29,800 25.375
</TABLE>
In the past sixty days, PSCO Fund Limited has effected the following
transactions in the common stock of Meadowbrook, each a purchase
through a normal brokerage transaction in the over-the-counter
market:
<TABLE>
<CAPTION>
TRADE DATE NUMBER OF SHARES PRICE
---------- ---------------- -----
<S> <C> <C>
12/22/97 600 24.375
12/23/97 18,500 24.5405
12/24/97 400 24.5625
12/29/97 52,200 24.625
</TABLE>
Each filing party disclaims membership with any other filing party in
a "group", as that term is used in Section 13(d)(3) of the
Securities Exchange Act of 1934 and the rules promulgated thereunder.
PSCO Partners owns its shares of Meadowbrook separately from PSCO
Partners Two and PSCO Fund Limited, and PSCO Partners Two and PSCO
Fund Limited own their respective shares of Meadowbrook separately
from each other. Although they have a common investment advisor, from
whom each takes its name, and common investment goals, PSCO Partners,
PSCO Partners Two and PSCO Fund Limited have no agreement or
understanding for concerted action in acquiring, holding or
disposing of shares of the common stock of Meadowbrook.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Apart from the agreements and relationship described above in this
Schedule and the agreements between (a) the Company and PSCO
Partners, (b) Capital and PSCO Partners Two, and (c) Capital and
PSCO Fund Limited, there is no contract, arrangement, understanding
or relationship among Philo Smith, the Company, PSCO Partners, PSCO
Partners Two, PSCO Fund Limited and Capital, nor between those
parties collectively and any other person with respect to the common
stock of Meadowbrook.
Page 11 of 14 Pages
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ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A: Consent to joint filing.
Page 12 of 14 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete and correct.
Dated this 24th day of February, 1998.
/s/ Philo Smith
Philo Smith
PHILO SMITH & CO., INC.
By: /s/ Philo Smith
Philo Smith, President
PSCO PARTNERS LIMITED PARTNERSHIP
By: /s/ Philo Smith
Philo Smith, General Partner
PSCO PARTNERS LIMITED PARTNERSHIP TWO
By: /s/ Philo Smith
Philo Smith, President of
Philo Smith Capital Corporation,
General Partner
PSCO FUND LIMITED
By: /s/ Philo Smith
Philo Smith, General Manager
PHILO SMITH CAPITAL CORPORATION
By: /s/ Philo Smith
Philo Smith, President
Page 13 of 14 Pages
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<PAGE>
EXHIBIT A
CONSENT OF JOINT FILING
The undersigned agree and confirm that the Schedule 13D with respect to
the common stock of Meadowbrook Insurance Group, Inc. to which this consent
is attached as an exhibit is, and subsequent amendments thereof will be,
filed on behalf of each of the undersigned.
Dated this 24th day of February, 1998.
/s/ Philo Smith
Philo Smith
PHILO SMITH & CO., INC.
By: /s/ Philo Smith
Philo Smith, President
PSCO PARTNERS LIMITED PARTNERSHIP
By: /s/ Philo Smith
Philo Smith, General Partner
PSCO PARTNERS LIMITED PARTNERSHIP
TWO
By: /s/ Philo Smith
Philo Smith, President of
Philo Smith Capital Corporation,
General Partner
PSCO FUND LIMITED
By: /s/ Philo Smith
Philo Smith, General Manager
PHILO SMITH CAPITAL CORPORATION
By: /s/ Philo Smith
Philo Smith, President
Page 14 of 14 Pages
