Specialty Underwriters’ Alliance, Inc. today reported a net loss of $4.8 million for the quarter ended Sept. 30, 2005. Total revenues were $9.1 million, comprised of earned insurance premiums of $8.2 million and investment income of $0.9 million. The company had no comparable revenues in the third quarter of 2004. Gross written premiums were $28.2 million. During the third quarter, the premium by Partner Agent was as follows: Risk Transfer Holdings, Inc. $9.3 million; AEON Insurance Group, Inc. $4.5 million; American Team Managers $7.4 million; and Specialty Risk Solutions, LLC $7.0 million.
Total expenses were $14.0 million, $6.4 million related to insured losses and loss adjustment expenses and $7.6 million of acquisition costs and general administrative and operating expenses. General administrative expenses totaled $6.2 million, of which $2.2 million was service company fees with Syndicated Services Company, Inc. Other major categories of expense included $1.2 million of salaries and benefit costs (excluding $0.8 million of salary and benefit costs classified as loss adjustment and acquisition expenses), $0.7 million of professional and consulting fees, $0.4 million of depreciation and amortization and $1.7 million of other expenses.
Chicago-based Specialty Underwriters’ Alliance, Inc., through its subsidiary SUA Insurance Company, is a specialty property and casualty insurer providing commercial insurance products through exclusive wholesale partner agents targeting markets like tow trucks, building contractors and professional employee organizations.
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