RiskMetrics Group Recommends Specialty Underwriters' Alliance Stockholders Vote for Robert M. Fishman, Mark E. Pape and C. Grego
April 27 2009 - 11:19AM
PR Newswire (US)
Important support for the need for change at Specialty
Underwriters' FORT WORTH, Texas, April 27 /PRNewswire-FirstCall/ --
Hallmark Financial Services, Inc. (NASDAQ:HALL) announced today
that RiskMetrics Group, the nation's leading proxy advisory firm,
has recommended that stockholders of Specialty Underwriters'
Alliance, Inc. (NASDAQ:SUAI) vote the GOLD proxy card to elect
Robert M. Fishman, Mark E. Pape and C. Gregory Peters to the SUAI
Board at the annual meeting of stockholders scheduled to take place
on May 5, 2009. The RiskMetrics report, published Friday, April 24,
2009 concludes that the presence of Robert M. Fishman, Mark E. Pape
and C. Gregory Peters, the three dissident nominees, on the SUAI
Board would likely prove beneficial to SUAI shareholder value. The
report also notes that the long-term financial performance of SUAI
and the dissidents' relevant industry experience establish both the
need for change and the dissidents' ability to effect change. In
contrast to the assertions of SUAI, RiskMetrics points out that the
dissident nominees are unaffiliated with Hallmark, and that
Hallmark is not seeking control of the SUAI Board in connection
with the solicitation. The report notes that Hallmark seeks a
minority of three out of seven board seats, and as such would not
control the SUAI Board. Furthermore, if elected, each dissident
nominee would owe fiduciary responsibilities to all shareholders,
be subject to legal liability and place his reputation at risk.
Ultimately, any potential Hallmark or other proposal would require
the approval of a majority of shareholders. In response to the
RiskMetrics report, Mr. Fishman stated: "We appreciate RiskMetrics'
support of C. Gregory Peters, Mark Pape and me for election to the
Board of SUAI. We believe the need for positive change at SUAI is
clear, and support from RiskMetrics, the nation's leading proxy
advisory firm, is an important step in achieving this." The
Nominees Recommended by RiskMetrics C. Gregory Peters served as
Senior Vice President, Equity Research at Raymond James and
Associates from November 1999 through June 2007, where Mr. Peters
was responsible for launching Raymond James' sell-side research
practice for the insurance industry and served as its lead analyst
for property and casualty companies. Mark E. Pape served as
Executive Vice President and Chief Financial Officer at Affirmative
Insurance Holdings, Inc. from November 2005 through December 2007
and served on Affirmative's Board of Directors from July 2004
through November 2005. Mr. Pape also held positions at Torchmark
Corporation and American Income Holding, Inc. Robert M. Fishman
served as Managing Director of Southwest Insurance Partners, Inc.
in 2008 and, from November 2006 through May 2007, was the Chief
Executive Officer and President of United America Indemnity Ltd.
Mr. Fishman also held senior positions at ARAG NA and Zurich
Financial Services. DATASOURCE: Hallmark Financial Services, Inc.
CONTACT: Dan Sullivan, or Jeanne Carr, both of MacKenzie Partners,
Inc., +1-212-929-5940, for Hallmark Financial Services, Inc.
Copyright
Specialty Underwriters Alliance (NASDAQ:SUAI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Specialty Underwriters Alliance (NASDAQ:SUAI)
Historical Stock Chart
From Jul 2023 to Jul 2024