Another Leading Proxy Advisory Firm Recommends Rejection of Hallmark's Slate in Specialty Underwriters' Alliance, Inc. Proxy Con
April 27 2009 - 11:44AM
PR Newswire (US)
CHICAGO, April 27 /PRNewswire-FirstCall/ -- Specialty Underwriters'
Alliance, Inc. (NASDAQ:SUAI) ("SUA") announced today that Proxy
Governance, Inc., a leading independent proxy advisory firm, has
recommended that stockholders vote for SUA's current slate of
directors set forth on the WHITE proxy card and not to vote for the
nominees recommended by dissident stockholder Hallmark Financial
Services, Inc. SUA's Annual Meeting of the 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, Proxy Governance stated, "because the
dissidents' argument that the incumbent directors have overseen a
'disaster since the day they raised capital' is utterly unsupported
by the complete set of facts - which show, by contrast, a young
company investing in its operations in its first year and scaling
up a strong business with healthy returns in subsequent years - we
believe shareholders will be better served by electing the
management of incumbent nominees." Proxy Governance notes that
SUA's board is comprised of highly qualified directors who have
"stewarded [stockholders'] investment well over the past four
years." Courtney Smith, SUA's Chairman stated, "We are pleased that
two leading proxy advisory firms, Proxy Governance and Glass Lewis,
have recommended voting for SUA's current slate of directors. We
believe it is affirmation that SUA's board of directors is
independent, engaged and always seeking to increase stockholder
value, whether through organic growth or a merger or sale that
takes into account SUA's intrinsic value." Proxy Governance 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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