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
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