RISKMETRICS
GROUP RECOMMENDS SPECIALTY UNDERWRITERS’ ALLIANCE STOCKHOLDERS VOTE
FOR
ROBERT M.
FISHMAN, MARK E. PAPE AND C. GREGORY PETERS
Important
support for the
need
for change
at Specialty Underwriters’
FORT
WORTH, Texas, April 27, 2009 (GLOBE NEWSWIRE) -- Hallmark Financial Services,
Inc. (NASDAQ:HALL) announced today that RiskMetrics Group, the nation’s leading
proxy advisory firm, has recommended that stockholders of Specialty
Underwriters’ Alliance, Inc. (NASDAQ: SUAI) vote the GOLD proxy card to elect
Robert M. Fishman, Mark E. Pape and C. Gregory Peters to the SUAI Board at the
annual meeting of stockholders scheduled to take place on May 5,
2009.
The
RiskMetrics report, published Friday, April 24, 2009 concludes that the presence
of Robert M. Fishman, Mark E. Pape and C. Gregory Peters, the three dissident
nominees, on the SUAI Board would likely prove beneficial to SUAI shareholder
value. The report also notes that the long-term financial performance of SUAI
and the dissidents’ relevant industry experience establish both the need for
change and the dissidents’ ability to effect change.
In
contrast to the assertions of SUAI, RiskMetrics points out that the dissident
nominees are unaffiliated with Hallmark, and that Hallmark is not seeking
control of the SUAI Board in connection with the solicitation. The
report notes that Hallmark seeks a minority of three out of seven board seats,
and as such would not control the SUAI Board. Furthermore, if elected, each
dissident nominee would owe fiduciary responsibilities to all shareholders, be
subject to legal liability and place his reputation at
risk. Ultimately, any potential Hallmark or other proposal would
require the approval of a majority of shareholders.
In
response to the RiskMetrics report, Mr. Fishman stated: “We appreciate
RiskMetrics’ support of C. Gregory Peters, Mark Pape and me for election to the
Board of SUAI. We believe the need for positive change at SUAI is
clear, and support from RiskMetrics, the nation’s leading proxy advisory firm,
is an important step in achieving this.”
The
Nominees Recommended by RiskMetrics
C.
Gregory Peters served as Senior Vice President, Equity Research at Raymond James
and Associates from November 1999 through June 2007, where Mr. Peters was
responsible for launching Raymond James' sell-side research practice for the
insurance industry and served as its lead analyst for property and casualty
companies.
Mark E.
Pape served as Executive Vice President and Chief Financial Officer at
Affirmative Insurance Holdings, Inc. from November 2005 through December 2007
and served on Affirmative's Board of Directors from July 2004 through November
2005. Mr. Pape also held positions at Torchmark Corporation and American Income
Holding, Inc.
Robert M.
Fishman served as Managing Director of Southwest Insurance Partners, Inc. in
2008 and, from November 2006 through May 2007, was the Chief Executive Officer
and President of United America Indemnity Ltd. Mr. Fishman also held senior
positions at ARAG NA and Zurich Financial Services.