Specialty Underwriters' Alliance, Inc. Reports 2007 Fourth Quarter and Full Ye...(percentversus the comparable period in 2...),Health

Date:3/6/2008

percent versus the comparable period in 2006. These increases were primarily driven by an increase in large losses associated with our commercial automobile business partially offset by current and prior year period favorable loss development in workers' compensation, general liability and other lines.

Net investment income for the three months ended December 31, 2007 was $2.5 million, compared to $1.9 million for the prior year period. Net investment income for the year ended December 31, 2007 was $9.5 million, compared to $6.1 million for the prior year period. Total revenues were $42.0 million for the fourth quarter of 2007, an increase of 29 percent from $32.6 million for the comparable period in 2006. Total revenues for the year ended December 31, 2007 were $162.0 million versus $117.3 million for the year ended December 31, 2006.

Net income for the three months ended December 31, 2007 was $3.2 million compared to $2.9 million for the same comparable period in 2006. Net income for the year ended December 31, 2007 was $12.6 million, an increase of 50 percent from $8.4 million for the comparable period in 2006. Earnings per share for the three months ended December 31, 2007 was $0.20, compared to $0.18 for the same period in 2006. Earnings per share for the year ended December 31, 2007 was $0.82, versus $0.55 for the prior year.

Financial Condition

As of December 31, 2007, the company reported investments of $229.4 million, total assets of $422.5 million, total liabilities of $291.4 million and shareholders' equity of $131.1 million. Within total investments, the company held $4.5 million in fair value, or $5.0 million in book value, of securities with sub-prime exposure, all of which were rated "A" or better by established rating agencies. Book value per share as of December 31, 2007 was $8.42 and tangible book value per share was $7.73. As of December 31, 2006, the company reported investments of $164.1 million, total assets of $363
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SOURCE Specialty Underwriters' Alliance, Inc. Copyright©2008 PR Newswire. All rights reserved

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