/C O R R E C T I O N -- Specialty Underwriters' Alliance, Inc./
April 13 2009 - 5:55PM
PR Newswire (US)
This version includes the text of the Partner Agent letter instead
of an image link to the letter. The complete release follows:
Specialty Underwriters' Alliance, Inc. Announces Unanimous Partner
Agent Support for Board of Directors in Proxy Contest CHICAGO,
April 13 /PRNewswire-FirstCall/ -- Specialty Underwriters'
Alliance, Inc. (NASDAQ:SUAI) ("SUA" or the "Company") today
announced that each of its nine Partner Agents has sent a letter in
support of SUA's current Board of Directors in connection with the
election contest being waged. Courtney Smith, SUA's Chief Executive
Officer and President, stated "We are pleased that our Partner
Agents have demonstrated their support for our Board of Directors
and the strategic direction of our company. The success of our
model is based on working closely with a limited number of Partner
Agents to produce profitable business without channel conflicts. We
look forward to continuing to explore ways to grow opportunities
with our existing agents and contract with new agents that fit our
model." The text of one such letter from Risk Transfer Holdings,
Inc., SUA's top producing Partner Agent and one of its three
original Partner Agents, appears below: [Risk Transfer Holdings,
Inc. letterhead] April 6, 2009 The Board of Directors Specialty
Underwriters' Alliance, Inc. 222 South Riverside Plaza, Suite 1600
Chicago, IL 60606-6001 To Whom It May Concern: My name is Paul
Hughes and I am Chief Executive Officer of Risk Transfer Holdings
LLC (RTH). RTH has been a Partner Agent of SUA Insurance Company
("SUA") and a significant stockholder since November 2004. RTH
entered into a relationship with SUA based on a strong relationship
with its management and support of its vision. We are partners with
them in every sense of the word. Over these past four years we have
worked with SUA's management and its current Board of Directors to
increase the value of our mutual organizations and we believe we
are well-positioned to further increase this value significantly
for SUA and ourselves. We are aware Hallmark Financial Services
nominated three new Directors for consideration to be elected at
the upcoming annual meeting of SUA in May 2009. In fact, Mark
Morrison, President of Hallmark Financial Services reached out to
me when his company was initially interested in purchasing SUA. We
rejected these advances then and we reject them now. We fully
support the election of Specialty Underwriters' Alliance, Inc.'s
current Board of Directors and its strategic direction. [Signature:
Paul Hughes] Paul Hughes Chief Executive Officer This release and a
copy of each Partner Agent's letter has been filed with the SEC and
can be obtained directly from the Investor Relations section of
SUA's website at http://ir.suainsurance.com/index.cfm. 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. To
learn more about Specialty Underwriters' Alliance, Inc., please
visit: http://www.suainsurance.com/. 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. Web Site: http://www.suainsurance.com/
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