Leading Independent Proxy Advisory Firm Supports Specialty Underwriters' Alliance, Inc. in Its Proxy Contest Against Hallmark Fi
April 17 2009 - 10:03AM
PR Newswire (US)
CHICAGO, April 17 /PRNewswire-FirstCall/ -- Specialty Underwriters'
Alliance, Inc. (NASDAQ:SUAI) ("SUA" or the "Company") announced
today that Glass Lewis & Co., a leading independent proxy
advisory firm, has recommended that stockholders vote the WHITE
proxy card and do not vote for the nominees recommended by
dissident stockholder Hallmark Financial Services, Inc.
("Hallmark"). SUA's Annual Meeting of Stockholders will be held at
9:00 a.m. local time on May 5, 2009 at 222 South Riverside Plaza,
19th Floor in the Lake County Room, Chicago, IL 60606. In reaching
its decision, Glass Lewis observed that "Hallmark has not presented
a detailed business plan for shareholders to evaluate." In
addition, commenting on the SUA rejection of the Hallmark offer in
2008 to acquire SUA, Glass Lewis expressed its opinion that "...we
have not found any fault in the incumbent board's decision to not
pursue the [proposal] from Hallmark." "We are very pleased that
Glass Lewis recognizes the steps that the current board has taken,"
commented Courtney Smith, SUA's Chairman. "This is an active board
that is working hard for all SUA stockholders. We urge stockholders
to vote the WHITE proxy card for our nominees." Glass Lewis is
widely recognized as a leading independent proxy advisory firm. Its
recommendations are relied upon by major institutional investment
firms, mutual funds and other fiduciaries throughout the country.
If you have any questions, please call SUA's proxy solicitation
firm, The Altman Group, toll free at (866) 620-5668. About
Specialty Underwriters' Alliance, Inc. Specialty Underwriters'
Alliance, Inc., through its subsidiary SUA Insurance Company, is a
specialty property and casualty insurance company providing
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, professional
employer organizations, public entities, and contractors. 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.
DATASOURCE: Specialty Underwriters' Alliance, Inc. CONTACT: Scott
Goodreau of Specialty Underwriters' Alliance, Inc., 1-888-782-4672,
; or Leslie Loyet of Financial Relations Board, +1-312-640-6672, ,
for Specialty Underwriters' Alliance, Inc.
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