Specialty Underwriters' Alliance, Inc. Responds to Unsolicited Bid
June 26 2008 - 9:00AM
PR Newswire (US)
CHICAGO, June 26 /PRNewswire-FirstCall/ -- Specialty Underwriters'
Alliance, Inc. (NASDAQ:SUAI) today announced that the company's
Board of Directors, in consultation with its financial and legal
advisors, reviewed Hallmark Financial Services, Inc.'s unsolicited,
non-binding and conditional proposal to acquire SUAI in a stock for
stock exchange that values SUAI's common stock at $6.50 per share.
After due deliberation, the SUAI Board unanimously concluded not to
accept this offer, remain independent and continue with the
execution of its current business strategy, which the Board
believes represents a better long-term value for the company's
shareholders. This plan includes a focus on targeted specialty
market niches based on the company's in-depth knowledge of these
customer classes and a wholesale distribution model with its
exclusive Partner Agents who are aligned with the company's
interests to maximize profitability. 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. SUAI's innovative
approach provides products and claims handling, allowing the
partner agent to focus on distribution and customer relationships.
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, ; or Scott Goodreau of Specialty
Underwriters' Alliance, Inc., 1-888-782-4672, Web site:
http://www.suainsurance.com/
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