Specialty Underwriters' Alliance says 'no' to Hallmark Financial's offer

By Lisa Kerner

Charlotte, N.C., July 2 - Specialty Underwriters' Alliance, Inc. said its board rejected a proposal from Hallmark Financial Services, Inc. to acquire the company.

Hallmark Financial valued each share of Specialty Underwriters' Alliance's stock at $6.50 per share, a Specialty Underwriters' Alliance news release stated.

It was previously reported that under the proposal, each outstanding share of Specialty Underwriters' Alliance common stock would be converted into a share of common stock of Hallmark Financial using a pre-determined formula.

Specialty Underwriters' Alliance's board believes the company should remain independent and continue with the execution of its current business strategy.

Hallmark Financial, along with American Hallmark Insurance Co. of Texas and Hallmark Specialty Insurance Co., owns 9.6% of Specialty Underwriters' Alliance, a prior news release noted.

Based in Chicago, Specialty Underwriters' Alliance is a commercial insurance provider.

Hallmark Financial is a property and casualty insurer based in Forth Worth.

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