Chicago-based wholesaler Specialty Underwriters’ Alliance Inc. reported a net loss of $4.5 million for the quarter ended March 31, 2005. Total revenues were $1.3 million, comprised of earned insurance premiums of $500,000 and investment income of $800,000. The company had no comparable revenues in the first quarter of 2004. Gross written premiums were $8.5 million and net written premiums for the period were $7.6 million.
Total expenses were $5.8 million, $500,000 related to insured losses and loss adjustment expenses and $5.3 million of acquisition costs and general administrative and operating expenses. The company reported investments of $97.3 million, total assets of $220.4 million, total liabilities of $107.0 million and shareholders’ equity of $113.4 million. The company’s net loss per share was $0.31. Book value per share was $7.70 and tangible book value per share was $6.97.
SUA said in a statement that its attention during the first quarter was focused on developing its infrastructure and helping its partner a gents initiate their sales programs. The company currently have 38 employees and is issuing policies through our existing agents. The company is now operating in 25 states and has begun to add new specialty lines such as voluntary auto repossession and public entities.
During the first quarter, the company breakdown of premium by customer group was the following: contractors — $1.5 million; towing — $1.5 million and professional employer organizations — $5.4 million.
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