SUAI Specialty Underwriters Allianc (MM)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

(Rule 14A-101)

Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No.  )

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Specialty Underwriters’ Alliance, Inc.

(Name of Registrant as Specified In Its Charter)

 

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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On April 17, 2009, Specialty Underwriters’ Alliance, Inc. (“SUA”) issued the following press release, which was also posted to the website http://ir.suainsurance.com/proxy.cfm .

 

FOR FURTHER INFORMATION:
Specialty Underwriters’ Alliance, Inc.		Financial Relations Board
Scott Goodreau		Leslie Loyet
(888) 782-4672		(312) 640-6672
sgoodreau@suainsurance.com		lloyet@mww.com

FOR IMMEDIATE RELEASE
FRIDAY, APRIL 17, 2009

LEADING INDEPENDENT PROXY ADVISORY FIRM SUPPORTS
SPECIALTY UNDERWRITERS’ ALLIANCE, INC. IN ITS PROXY CONTEST
AGAINST HALLMARK FINANCIAL SERVICES, INC.

CHICAGO – April 17, 2009 – 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, 19 ^th 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.

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