Hallmark Financial seeks to add three to board of Specialty Underwriters' Alliance

By Lisa Kerner

Charlotte, N.C., April 3 - Hallmark Financial Services, Inc. urged Specialty Underwriters' Alliance, Inc. shareholders to visit www.SUAItownhall.com for information on Hallmark's dissident slate of nominees for election to Specialty's board of directors.

The web site includes biographies of Hallmark's three candidates, communications between Hallmark and Specialty and a copy of all proxy materials, a Hallmark news release said.

Hallmark nominated for election:

• C. Gregory Peters, former senior vice president, equity research at Raymond James & Associates;

• Mark E. Pape, former executive vice president and chief financial officer at Affirmative Insurance Holdings, Inc.; and

• Robert M. Fishman, former managing director of Southwest Insurance Partners, Inc.

Hallmark believes Specialty's stockholders would benefit from Hallmark's "highly qualified, truly independent director nominees that possess a wealth of property and casualty insurance industry expertise."

Specialty rejected Hallmark's June 16, 2008 offer to acquire the company in a stock-for-stock transaction that valued Specialty's stock at $6.50 per share.

According to Hallmark, Specialty amended its bylaws in August, eliminating stockholders' rights to fill vacancies on the board and to call special meetings.

Hallmark, a Fort Worth property and casualty insurer, beneficially owns 9.9% of Specialty Underwriters' Alliance, a Chicago commercial insurance provider.

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