Specialty Underwriters' Alliance, Inc. Receives Unsolicited Offer
June 23 2008 - 11:21AM
PR Newswire (US)
CHICAGO, June 23 /PRNewswire-FirstCall/ -- Specialty Underwriters'
Alliance, Inc. (NASDAQ:SUAI) stated that it has received a letter
from Hallmark Financial Services, Inc. containing an unsolicited,
non-binding and conditional proposal to acquire the company. The
proposal calls for each outstanding share of SUA's common stock to
be converted in a share of common stock of Hallmark Financial
Services, Inc. at a pre-determined formula. SUA also stated that it
has received a copy of the Schedule 13D filed today by Hallmark
Financial Services, Inc., American Hallmark Insurance Company of
Texas and Hallmark Specialty Insurance Company disclosing that
group's aggregate ownership of 9.6% of the outstanding common stock
of SUA and the unsolicited acquisition proposal. SUA's Board of
Directors, consistent with its fiduciary duties, and in
consultation with its financial and legal advisors, is reviewing
the Hallmark proposal in light of SUA's current business strategy.
Following its review, the Board intends to respond as appropriate.
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. 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, Web site:
http://www.suainsurance.com/
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