Specialty Underwriters' Alliance Contracts With Partner Agent and Signs Letter of Intent With Additional Partner Agent for Gener
January 25 2006 - 9:00AM
PR Newswire (US)
CHICAGO, Jan. 25 /PRNewswire-FirstCall/ -- Specialty Underwriters'
Alliance, Inc. (NASDAQ:SUAI) today announced a new Partner Agent
contract with American Patriot Insurance Agency, Inc. ("American
Patriot"), which specializes in roofing contractors. American
Patriot provides commercial general liability and commercial auto
liability both directly and through retail brokers. It will focus
initially on fourteen states in the central and southern regions.
American Patriot is located in Westchester, Illinois. Courtney
Smith, president and chief executive officer of SUA, stated,
"American Patriot provides a great opportunity to market to the
small to medium roofing industry. They are owned by the same
principals as ABC Supply Company, the largest roofing materials
supplier in the country. By partnering with American Patriot, we
can capitalize on its pre-existing relationships within the roofing
industry. There are approximately 30,000 roofers nationwide. We
anticipate American Patriot will begin writing business in the
first half of 2006 and are excited about our partnership." In
conjunction with the partner agent contract, American Patriot has
agreed to purchase $1 million of SUA's Series B common stock. In
addition, SUA has signed a letter of intent with a potential agent
specializing in artisan contractors in the western region. This
Partner Agent will offer general liability and commercial auto. A
prior letter of intent signed with a potential agent offering
similar lines of business will not be pursued to final contract.
Smith stated, "We continue to find opportunities with Partner
Agents that fit within our business model. At the same time, we
will be diligent in our selection process and not move forward with
Partner Agents that do not fit our underwriting guidelines. As a
result, we have ended discussions with a potential agent who
previously signed a letter of intent." 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, please visit
http://www.suainsurance.com/ . First Call Analyst: FCMN Contact:
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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