Specialty Underwriters' Alliance Inc. announced that the company's Board of Directors, in consultation with its financial and legal advisors, reviewed Hallmark Financial Services Inc.'s unsolicited, non-binding and conditional proposal to acquire SUAI in a stock for stock exchange that values SUAI's common stock at $6.50 per share.After due deliberation, the SUAI Board unanimously concluded not to accept this offer, remain independent and continue with the execution of its current business strategy, which the Board believes represents a better long-term value for the company's shareholders.
This plan includes a focus on targeted specialty market niches based on the company's in-depth knowledge of these customer classes and a wholesale distribution model with its exclusive Partner Agents who are aligned with the company's interests to maximize profitability.
Specialty Underwriters' Alliance Inc., through its subsidiary SUA Insurance Company, is a specialty property and casualty insurance company that provides commercial insurance products through exclusive wholesale partner agents that serve niche groups of insureds.
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