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                                                                   EXHIBIT 10.27


                                 LOAN AGREEMENT

This Loan Agreement ("Agreement") is effective this 1st day of September, 2004;
supercedes prior agreements and is entered into, by and between, Ameritrust
Insurance Corporation, a Florida corporation whose principal place of business
is 7250 S. Beneva Road, Sarasota, Florida 34238 ("Ameritrust"); Savers Property
and Casualty Insurance Company, a Missouri corporation whose principal place of
business is 11880 College Blvd., Suite 500, Overland Park, Kansas 66210
("Savers"); Star Insurance Company, a Michigan corporation whose principal place
of business is 26600 Telegraph Road, Southfield, Michigan 48034 ("Star");
Williamsburg National Insurance Company, a California corporation whose
principal place of business is 12641 E. 166th Street, Cerritos, California 90703
("Williamsburg"), Meadowbrook Insurance Group, Inc., a Michigan corporation
whose principal place of business is 26600 Telegraph Road, Southfield, Michigan
48034 ("MIGI") (collectively the "Parties" and individually the "Party"), and
Meadowbrook, Inc., a Michigan corporation whose principal place of business is
26600 Telegraph Road, Southfield, Michigan 48034 ("Meadowbrook").

For value received, the Parties agree as follows:

1.       Meadowbrook is authorized to advance monies (the "Advances"), in
         Meadowbrook's control, from any of the Parties (individually referred
         to as the "Creditor") to any of the other Parties (individually
         referred to as the "Debtor").

2.       Meadowbrook is authorized to direct any of the Parties, as a Debtor,
         to receive funds (the "Advances") from another of the Parties acting as
         the Creditor.

3.       The Parties acknowledge that from time to time one Party may receive
         payment from or make payments to third parties on behalf of itself and
         one or more of the other Parties. Meadowbrook is authorized to direct
         any of the Parties, as a Debtor, to receive funds, (the "Payments") for
         the benefit of another Party as a Creditor, from a third party; or to
         direct any of the Parties acting as a Creditor, to make payments to
         third parties, on behalf of another Party acting as a Debtor.

4.       Meadowbrook, in its sole discretion, shall determine, from time to
         time: (a) the amount of Advances or Payments to be made (however, in
         instances involving third party funds as described in Paragraph 3, the
         Payments or Advances shall not exceed the amounts which would have been
         paid to or received from the third party had the transaction occurred
         directly between the third party and the individual Parties); (b) the
         Debtor or third party to receive the funds; and (c) the Creditor that
         will make Advances to another Party or receive Payments for the benefit
         of another Party from third parties.

5.       The amount of Advances and Payments made, at any one time, by any
         Creditor, plus the amount of Advances and Payments previously made and
         not yet repaid to that same Creditor; or the amount of Advances and
         Payments to be received, at any one time, by any Debtor plus the
         Advances previously received and Payments made on behalf of that same
         Debtor and not yet repaid, shall not exceed the lesser of three percent
         (3%) of either the Creditor's or Debtor's admitted assets or
         twenty-five percent (25%) of either the Creditor's or Debtor's policy
         holder surplus as of the preceding December 31st. This limitation is
         based on the statutes and regulations as promulgated by the states in
         which each of the



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         Parties are domiciled. In the event that those statutes or regulations
         are modified or changed, then these limitations will be so modified or
         changed to comport with the changes to the statutes or regulations.

6.       Meadowbrook shall maintain a written record of all Advances and
         Payments made pursuant to this Agreement.

7.       Meadowbrook shall determine, in its sole discretion, the date upon
         which any Advances or Payments shall be repaid to the Creditor by the
         Debtor. However, Advances or Payments, which are a result of third
         party transactions, as defined in Paragraph 3, shall be settled within
         30 days of receipt from or payment to the third party.

8.       The Debtors agree to pay interest on the Advances and Payments made by
         the Creditors. The rate of interest shall be a reasonable rate and be
         determined by Meadowbrook. However, interest shall accrue and be
         charged by the Creditor, only on and after the last day of the month
         following the month in which the funds were advanced.

9.       A waiver of any breach of any duty or obligation by any of the Parties
         to this Agreement shall not be considered a waiver of any subsequent
         breach of that same duty or obligation or a waiver of the subsequent
         breach of any other duty or obligation.

10.      This Agreement and all matters collateral thereto shall be interpreted
         and construed in accordance with the laws of the State of Michigan
         without regard to any conflict of law provisions contained therein.

11.      This Agreement may not be assigned by any of the Parties without the
         prior written consent of all the other Parties to this Agreement. This
         Agreement shall be binding upon and inure to the benefit of the Parties
         hereto and their respective heirs, successors and assigns.

12.      The term of this agreement shall be for a period of one (1) year and
         shall automatically renew for successive one (1) year periods unless
         any of the Parties notifies the other Parties that it intends not to
         renew the Agreement. Such notice shall be given no less than sixty (60)
         days prior to the termination date of the then existing Agreement.

13.      Any notice required to be given under this Agreement shall be in
         writing and be delivered by U.S. Mail, postage prepaid, or by facsimile
         to the addresses first noted above, or such other address as may be
         designated by the Parties from time to time, with a copy of each such
         notice to all the Parties to this Agreement

14.      This Agreement contains the entire understanding of the Parties hereto
         relating to the subject matter contained herein and can be changed or
         modified only by a writing signed by all the Parties to this Agreement.

15.      The undersigned hereby warrant that they are authorized to enter into
         and execute this Agreement.




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Agreed to as of the date noted above:

AMERITRUST INSURANCE CORPORATION

/s/ Robert S. Cubbin
--------------------------------------------------------------
By:  Robert S. Cubbin
Its: President and CEO


SAVERS PROPERTY AND CASUALTY INSURANCE COMPANY

/s/ Gregory L. Wilde
--------------------------------------------------------------
By:  Gregory L. Wilde
Its: President


STAR INSURANCE COMPANY

/s/ Gregory L. Wilde
--------------------------------------------------------------
By:  Gregory L. Wilde
Its: President


WILLIAMSBURG NATIONAL INSURANCE COMPANY

/s/ Gregory L. Wilde
--------------------------------------------------------------
By:  Gregory L. Wilde
Its: President


MEADOWBROOK, INC.

/s/ Robert S. Cubbin
--------------------------------------------------------------
By:  Robert S. Cubbin
Its: President and CEO


MEADOWBROOK INSURANCE GROUP, INC.

/s/ Robert S. Cubbin
--------------------------------------------------------------
By:  Robert S. Cubbin
Its: President and CEO



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