Dallas-based Specialty Underwriters’ Alliance Inc. announced the pricing of its initial public offering of 12,700,000 shares of its common stock at $9.50 per share, before underwriting discounts and commissions.
The underwriters have been granted a 30-day option to purchase up to an additional 1,905,000 shares of common stock, solely to cover over-allotments, if any. The common stock will be listed on the Nasdaq National Market under the symbol “SUAI.”
Friedman, Billings, Ramsey Group Inc., William Blair & Company and Cochran, Caronia & Co. are acting as the managing underwriters for the offering. The public offering is being made by means of a prospectus, a copy of which may be obtained from Friedman, Billings, Ramsey Group Inc., 1001 Nineteenth Street North, 18th Floor, Arlington, Va. 22209.
Specialty Underwriters’ Alliance Inc., which expects to begin insurance operations upon the closing of the offering, will use a business model that stresses a “partnership” relationship with key agents knowledgeable in the specialty types of commercial property and casualty insurance the company intends to write.
Topics Excess Surplus Underwriting
Was this article valuable?
Here are more articles you may enjoy.
Plymouth Rock Launches ChatGPT for Home Insurance Quotes 
AI-Native Network American Growth Insurance Makes Heller-Kowitz its First Buy 
Law Restricts Her From Reducing ‘Excessive’ $91M Injured Worker Award, Judge Finds 
A Chinese Spyware Tool Operates in 13 Countries, Cybersecurity Firm Says 
