SUAI Specialty Underwriters Allianc (MM)

CHICAGO, June 5 /PRNewswire-FirstCall/ -- Specialty Underwriters' Alliance, Inc. (NASDAQ:SUAI) ("SUA" or the "Company") announced that IVS Associates, Inc., the independent inspector of election for SUA's 2009 Annual Meeting of Stockholders, has certified that stockholders of the Company have re-elected Robert E. Dean, Raymond C. Groth, Paul A. Philp, Courtney C. Smith, Robert H. Whitehead and Russell E. Zimmermann to the Company's Board of Directors. Based on the final tabulation, with respect to the Board seat currently held by Peter E. Jokiel, none of the other four nominees - Robert M. Fishman, C. Gregory Peters, Mark E. Pape and Mr. Jokiel - received a plurality of the votes of the shares present in person or represented by proxy at the Annual Meeting. Mr. Fishman, Mr. Peters and Mr. Pape had been nominated by Hallmark Financial Services, Inc. and certain related parties ("Hallmark"), and each of them received 6,225,738 votes. Mr. Jokiel had been nominated by the Company, and he received 4,881,184 votes. Because no nominee received a plurality of the votes with respect to the Board seat held by Mr. Jokiel, he currently remains a director of the Company. However, in recognition of the vote totals, the Company, Hallmark and certain other parties have entered into an agreement whereby the Nominating and Corporate Governance Committee of the Company's Board of Directors will interview Mr. Fishman and Mr. Pape and recommend to the full Board that it appoint one of them as a director. Mr. Peters has notified the Company and Hallmark that he is no longer available to serve as a director of the Company. Mr. Jokiel has agreed to resign as a director of the Company simultaneously with such appointment. The agreement provides that this process will be completed by July 5, 2009. Pursuant to the agreement, SUA and Hallmark and their respective affiliates would, simultaneously with such appointment, release each other from any claims relating to the election contest or the Annual Meeting. Both sides have agreed to refrain from pursuing any potential claims relating to the election contest or the Annual Meeting during the interview and appointment process. The final tabulation also confirmed that the stockholders voted to ratify the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for 2009. 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: Leslie Loyet of Financial Relations Board, +1-312-640-6672, , for Specialty Underwriters' Alliance, Inc., Scott Goodreau of Specialty Underwriters' Alliance, Inc.; or 1-888-782-4672, Web Site: http://www.suainsurance.com/

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