Hallmark Financial Services, Inc. Files With the Illinois Division of Insurance to Acquire up to 50% of the Common Stock of Spec
29 Abril 2009 - 7:26PM
PR Newswire (US)
CHICAGO, April 29 /PRNewswire-FirstCall/ -- Specialty Underwriters'
Alliance, Inc. (NASDAQ:SUAI) ("SUA" or the "Company") announced
today that on March 30, 2009, Hallmark Financial Services, Inc.
("Hallmark") filed a Form A with the Illinois Division of Insurance
to gain approval to acquire up to 50% of the Company's outstanding
common stock. Courtney Smith, Chairman of SUA, stated, "Although
Hallmark states in its Form A filing that it does not intend to
control SUA, Hallmark has made contrary assertions. Both in public
announcements and in private conversations with SUA's management,
Hallmark's Chairman, Mark Schwarz, has repeatedly expressed
Hallmark's desire to control the Company. Given recent events, we
believe it is important for our stockholders to receive this
information." Mr. Smith continued, "We believe that Hallmark is
setting itself up to do a creeping acquisition of control of SUA
that would not provide any control premium to SUA stockholders. We
believe that this would not be in the best interest of our
stockholders." Mr. Smith concluded, "We will always consider ways
to grow value for all of our stockholders, including a strategic
transaction that could provide a control premium for all of our
stockholders." 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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