Specialty Underwriters' Alliance Responds to Hallmark's Continued Campaign of Misinformation
30 Abril 2009 - 12:54PM
PR Newswire (US)
CHICAGO, April 30 /PRNewswire-FirstCall/ -- Specialty Underwriters'
Alliance, Inc. (NASDAQ:SUAI) ("SUA" or the "Company") stressed that
Hallmark Financial Services, Inc.'s ("Hallmark") most recent press
release which highlighted a report by Proxy Governance, a leading
proxy advisory firm, mischaracterized the facts and failed to
mention that Proxy Governance recommended a vote against Hallmark's
slate of nominees. Contrary to Hallmark's portrayal of the
Company's current Board, Proxy Governance stated in its report that
SUA's current nominees are "highly qualified directors, who have
stewarded [stockholders'] investment well for the past four years."
Proxy Governance added, "The evidence which is missing from the
dissidents' analysis clearly demonstrates that as key components of
the business, such as revenue have grown, the indicators of
economic health and sustainability have grown stronger." The
leading advisory firm noted that it was apparent that the Company
made the right decision to reject Hallmark's offer and concluded,
"We believe [stockholders] will be better served by electing the
management slate of incumbent nominees." Courtney Smith, Chairman
of SUA, stated, "It is important for our stockholders to have the
truth in this proxy contest. This mischaracterization by Hallmark
is typical of the tactics we have seen them using in their efforts
to get their nominees elected. We urge stockholders to read the
report of Proxy Governance and we are confident you will see that,
contrary to Hallmark's portrayal, Proxy Governance's analysis fully
supports their conclusion to vote in favor of SUA's current slate
of directors." Mr. Smith concluded, "We believe our Board has
extensive insurance, reinsurance, investment banking, corporate
governance and legal experience and that Hallmark's slate of
nominees would not bring additional value to SUA's current Board.
We believe Hallmark's nominees will only serve the interests of
Hallmark rather than the interests of all of our stockholders." The
board urges stockholders to vote the WHITE proxy card to support
its nominees and discard any gold proxy card from Hallmark.
Stockholders with questions or needing assistance in voting may
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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