SUA Insurance Company Announces Partnership With American Safety Indemnity Company
June 09 2008 - 4:45PM
PR Newswire (US)
CHICAGO, June 9 /PRNewswire-FirstCall/ -- Specialty Underwriters'
Alliance, Inc. (NASDAQ:SUAI) announced that its subsidiary, SUA
Insurance Company ("SUA"), has entered into a quota share
arrangement with American Safety Indemnity Co. to provide general
liability to companies engaged in the automobile repossession
business. Courtney Smith, president and chief executive officer of
SUA, stated, "We are delighted to enter into a second arrangement
with American Safety, expanding the programs where we can write
accounts requiring A-rated paper. We are excited about this new
program opportunity with AEON in the collateral recovery
(repossession) customer segment." Brad Isaacson, Director of
Program Business at American Safety Insurance Services, Inc.,
American Safety Indemnity Co.'s administrative service provider
noted, "American Safety is pleased to expand its relationship with
SUA. This helps to meets our corporate diversification strategy of
targeting very specific market segments and aligning ourselves with
underwriting and distribution partners that provide very detailed
industry expertise". About Specialty Underwriters' Alliance, Inc.
Specialty Underwriters' Alliance, Inc., through its subsidiary SUA
Insurance Company, is a specialty property and casualty insurance
company that provides commercial insurance products through
exclusive wholesale partner agents that serve niche groups of
insureds. These targeted customers require highly specialized
knowledge due to their unique risk characteristics. Examples
include tow trucks, building contractors, professional employee
organizations and public entities. SUA's innovative approach
provides products and claims handling, allowing the partner agent
to focus on distribution and customer relationships. About American
Safety American Safety offers innovative insurance solutions in the
alternative insurance market for environmental remediation,
contracting and other specialty risks underwritten by American
Safety Casualty Insurance Company, American Safety Indemnity
Company and American Safety Risk Retention Group, Inc., each of
which is a subsidiary or affiliate of American Safety Insurance
Holdings, Ltd. (NYSE:ASI), a Bermuda-based holding company. The
American Safety companies, as a group, are rated "A" (Excellent)
VIII by A.M. Best. Safe Harbor Statement The Private Securities
Litigation Reform Act of 1995 provides a "safe harbor" for
forward-looking statements. This release or any other written or
oral statements made by or on behalf of the company may include
forward-looking statements that reflect the company's current views
with respect to future events and financial performance. All
statements other than statements of historical fact included in
this release are forward-looking statements. Forward-looking
statements can generally be identified by the use of
forward-looking terminology such as "may," "will," "plan,"
"expect," "intend," "estimate," "anticipate," "believe" or
"continue" or their negative or variations or similar terminology.
All forward-looking statements address matters that involve risks
and uncertainties. Accordingly, there are or will be important
factors that could cause our actual results to differ materially
from those indicated in these statements. We believe that these
factors include but are not limited to ineffectiveness or
obsolescence of our business strategy due to changes in current or
future market conditions; increased competition on the basis of
pricing, capacity, coverage terms or other factors; greater
frequency or severity of claims and loss activity, including as a
result of natural or man-made catastrophic events, than our
underwriting, reserving or investment practices anticipate based on
historical experience or industry data; the effects of acts of
terrorism or war; developments in the world's financial and capital
markets that adversely affect the performance of our investments;
changes in regulations or laws applicable to us, our subsidiaries,
brokers or customers; acceptance of our products and services,
including new products and services; changes in the availability,
cost or quality of reinsurance and failure of our reinsurers to pay
claims timely or at all; decreased demand for our insurance or
reinsurance products; loss of the services of any of our executive
officers or other key personnel; the effects of mergers,
acquisitions and divestitures; changes in rating agency policies or
practices; changes in legal theories of liability under our
insurance policies; changes in accounting policies or practices;
and changes in general economic conditions, including inflation and
other factors. Forward-looking statements speak only as of the date
on which they are made, and the company undertakes no obligation to
update publicly or revise any forward-looking statement, whether as
a result of new information, future developments or otherwise. To
learn more about Specialty Underwriters' Alliance Inc., please
visit http://www.suainsurance.com/. DATASOURCE: Specialty
Underwriters' Alliance, Inc. CONTACT: Leslie Loyet of Financial
Relations Board, +1-312-640-6672, , for Specialty Underwriters'
Alliance, Inc.; or Scott Goodreau of Specialty Underwriters'
Alliance, Inc., 1-888-782-4672, ; or Julie McDonald of American
Safety Insurance Services, Inc., +1-770-485-4310, Web site:
http://www.suainsurance.com/
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