CHICAGO, June 9 /PRNewswire-FirstCall/ -- Specialty Underwriters' Alliance, Inc. (Nasdaq: SUAI) announced that its subsidiary, SUA Insurance Company ("SUA"), has entered into a quota share arrangement with American Safety Indemnity Co. to provide general liability to companies engaged in the automobile repossession business.
Courtney Smith, president and chief executive officer of SUA, stated, "We are delighted to enter into a second arrangement with American Safety, expanding the programs where we can write accounts requiring A-rated paper. We are excited about this new program opportunity with AEON in the collateral recovery (repossession) customer segment."
Brad Isaacson, Director of Program Business at American Safety Insurance Services, Inc., American Safety Indemnity Co.'s administrative service provider noted, "American Safety is pleased to expand its relationship with SUA. This helps to meets our corporate diversification strategy of targeting very specific market segments and aligning ourselves with underwriting and distribution partners that provide very detailed industry expertise".
About Specialty Underwriters' Alliance, Inc.
Specialty Underwriters' Alliance, Inc., through its subsidiary SUA Insurance Company, is a specialty property and casualty insurance company that provides commercial insurance products through exclusive wholesale partner agents that serve niche groups of insureds. These targeted customers require highly specialized knowledge due to their unique risk characteristics. Examples include tow trucks, building contractors, professional employee organizations and public entities. SUA's innovative approach provides products and claims handling, allowing the partner agent to focus on distribution and customer relationships.
About American Safety
American Safety offers innovative insurance solutions in the alternative insurance market for environmental remediation, contracting and other specialty risks underwritten by American Safety Casualty Insurance Company, American Safety Indemnity Company and American Safety Risk Retention Group, Inc., each of which is a subsidiary or affiliate of American Safety Insurance Holdings, Ltd. (NYSE: ASI), a Bermuda-based holding company. The American Safety companies, as a group, are rated "A" (Excellent) VIII by A.M. Best.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. This release or any other written
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forward-looking statements that reflect the company's current views with
respect to future events and financial performance. All statements other
than statements of historical fact included in this release are
forward-looking statements. Forward-looking statements can generally be
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could cause our actual results to differ materially from those indicated in
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to ineffectiveness or obsolescence of our business strategy due to changes
in current or future market conditions; increased competition on the basis
of pricing, capacity, coverage terms or other factors; greater frequency or
severity of claims and loss activity, including as a result of natural or
man-made catastrophic events, than our underwriting, reserving or
investment practices anticipate based on historical experience or industry
data; the effects of acts of terrorism or war; developments in the world's
financial and capital markets that adversely affect the performance of our
investments; changes in regulations or laws applicable to us, our
subsidiaries, brokers or customers; acceptance of our products and
services, including new products and services; changes in the availability,
cost or quality of reinsurance and failure of our reinsurers to pay claims
timely or at all; decreased demand for our insurance or reinsurance
products; loss of the services of any of our executive officers or other
key personnel; the effects of mergers, acquisitions and divestitures;
changes in rating agency policies or practices; changes in legal theories
of liability under our insurance policies; changes in accounting policies
or practices; and changes in general economic conditions, including
inflation and other factors. Forward-looking statements speak only as of
the date on which they are made, and the company undertakes no obligation
to update publicly or revise any forward-looking statement, whether as a
result of new information, future developments or otherwise.
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|SOURCE Specialty Underwriters' Alliance, Inc.|
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