Specialty Underwriters’ Alliance, Inc. reports that it has received a letter from Hallmark Financial Services, Inc. containing an unsolicited, non-binding and conditional proposal to acquire the company.
The proposal calls for each outstanding share of SUA’s common stock to be converted in a share of common stock of Hallmark Financial Services, Inc. at a pre-determined formula.
SUA also said that it has received a copy of the Schedule 13D filed today by Hallmark Financial Services, Inc., American Hallmark Insurance Co. of Texas and Hallmark Specialty Insurance Co. disclosing that group’s aggregate ownership of 9.6 percent of the outstanding common stock of SUA and the unsolicited acquisition proposal.
Specialty Underwriters’ Alliance, Inc., through its subsidiary SUA Insurance Co., is a specialty property and casualty insurance company that provides commercial insurance products through exclusive wholesale partner agents that serve niche groups including tow trucks, building contractors, professional employee organizations and public entities.
Hallmark Financial Services, Inc.’s business involves commercial insurance, personal insurance and general aviation insurance, as well as other insurance related services. Its business is geographically concentrated in the south central and northwest regions of the U.S., except for its general aviation business that is written on a national basis. The company is headquartered in Fort Worth, Texas.
SU said its board of directors is reviewing the Hallmark proposal. Following its review, the board intends to respond as appropriate.
Source: Specialty Underwriters’ Alliance Inc.
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