Hallmark Financial wants to acquire Specialty Underwriters in all-stock deal

By Lisa Kerner

Charlotte, N.C., June 23 - Specialty Underwriters' Alliance, Inc. received an unsolicited, non-binding and conditional proposal from Hallmark Financial Services, Inc. to acquire the company.

The proposal calls for each outstanding share of Specialty Underwriters common stock to be converted into a share of common stock of Hallmark Financial at a pre-determined formula, according to a Specialty Underwriters news release.

Hallmark, along with American Hallmark Insurance Co. of Texas and Hallmark Specialty Insurance Co., owns 9.6% of Specialty Underwriters, the release stated.

Specialty Underwriters said its board will review the proposal with its financial and legal advisers and intends to respond "as appropriate."

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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