Specialty Underwriters’ Alliance Underwriters Exercise IPO Over-Allotment Option

Dallas-based Specialty Underwriters’ Alliance Inc. announced that Friedman, Billings, Ramsey Group Inc., William Blair & Company and Cochran, Caronia & Co., as managing underwriters and representatives of several underwriters, have exercised their over-allotment option to acquire 422,000 shares of the company’s common stock, at a price of $9.50 per share, before underwriting discounts and commissions.

The over-allotment option is in connection with Specialty Underwriters’ Alliance’s recent initial public offering of 12.7 million shares.

Net proceeds to the company from the over-allotment option are estimated to be approximately $3.7 million.

The public offering is being made by means of a prospectus, a copy of which may be obtained from Friedman, Billings, Ramsey Group, 1001 Nineteenth Street North, 18th Floor, Arlington, Va. 22209.

Specialty Underwriters’ Alliance Inc., a commercial property and casualty insurance company, uses a business model that stresses a “partnership” relationship with key agents knowledgeable in the specialty types of commercial property and casualty insurance it writes.

Topics Excess Surplus Underwriting