8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): June 10, 2009

Specialty Underwriters' Alliance, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

Delaware	000-50891	20-0432760
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
222 South Riverside Plaza, Chicago, Illinois		60606
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: (888) 782-4672

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement.

On June 10, 2009, Specialty Underwriters’ Alliance, Inc., through its wholly owned subsidiary SUA Insurance Company (the "Company"), and the Company's Partner Agent, Risk Transfer Programs, LLC ("RTP" formerly Risk Transfer Holdings, Inc.), entered into an Amended and Restated SUA Insurance Company Partner Agent Program Agreement, which amends and restates the Specialty Underwriters' Alliance, Inc. Partner Agent Program Agreement entered into by and between the Company and RTP on November 3, 2004. In amending and restating the agreement, the Company and RTP agreed to extend RTP's exclusivity by an additional five-year period for the programs and states in which it currently writes business. Except for the extension of the exclusivity period, all other material terms and conditions of the agreement remain the same.

In addition, in a press release dated June 11, 2009, the Company announced the extension of the exclusivity of the Partner Agent relationship with RTP. The press release also descri bes extensions of the exclusivity of the Partner Agent relationship with American Team Managers Insurance Services, Inc. ("ATM") and AEON Insurance Group, Inc. ("AEON") for additional five-year periods. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein. Such extensions with ATM and AEON were also described in Forms 8-K filed with the Securities and Exchange Commission on May 5, 2009 and May 20, 2009, respectively.

The information in the preceding paragraphs, as well as Exhibit 99.1 referenced therein, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in filings under the Securities Act of 1933 or the Securities Exchange Act of 1934.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Specialty Underwriters' Alliance, Inc.
June 11, 2009	By:	/s/ Peter E. Jokiel
		Name: Peter E. Jokiel
		Title: Executive Vice President, Chief Financial Officer

Exhibit Index

Exhibit No.	Description
99.1	Press Release dated June 11, 2009

EX-99.1

FOR FURTHER INFORMATION:
Specialty Underwriters’ Alliance, Inc. Scott Goodreau (888) 782-4672 sgoodreau@suainsurance.com	Financial Relations Board Leslie Loyet (312) 640-6672 lloyet@mww.com

FOR IMMEDIATE RELEASE
THURSDAY, JUNE 11, 2009

SPECIALTY UNDERWRITERS’ ALLIANCE, INC. EXTENDS
EXCLUSIVITY WITH ITS THREE LARGEST PARTNER AGENTS

CHICAGO – June 11, 2009 – Specialty Underwriters’ Alliance, Inc. (NASDAQ: SUAI) (“SUA” or the “Company”) announced today that it has amended its Partner Agent Program Agreements with its three largest Partner Agents, Risk Transfer Programs, LLC (“RTP” formerly Risk Transfer Holdings, Inc.), American Team Managers Insurance Services, Inc. (“ATM”) and AEON Insurance Group, Inc. (“AEON”), which will extend the exclusivity of each Partner Agent relationship for an additional five years. RTP, ATM and AEON are SUA’s three original Partner Agents, and the five-year extensions of exclusivity ensure each will continue to be the exclusive Partner Agent for the various programs set forth in their individual Partner Agent Program Agreements.

Courtney Smith, SUA’s president and chief executive officer, stated, “We are extremely pleased to continue our successful, exclusive relationships with our original Partner Agents, and we anticipate they will continue to grow their books of business while maintaining profitability.”

About Specialty Underwriters’ Alliance, Inc.
Specialty Underwriters’ Alliance, Inc., through its subsidiary SUA Insurance Company, is a specialty property and casualty insurance company providing commercial insurance products through exclusive wholesale Partner Agents that serve niche groups of insureds. These targeted customers require highly specialized knowledge due to their unique risk characteristics. Examples include tow trucks, professional employer organizations, public entities, and contractors. SUA’s innovative approach provides products and claims handling, allowing the Partner Agent to focus on distribution and customer relationships.

Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements that reflect the Company’s current views with respect to future events and financial performance. All statements other than statements of historical fact included in this release are forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may,” “will,” “plan,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or their negative or variations or similar terminology. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include but are not limited to ineffectiveness or obsolescence of our business strategy due to changes in current or future market conditions; increased competition on the basis of pricing, capacity, coverage terms or other factors; greater frequency or severity of claims and loss activity, including as a result of natural or man-made catastrophic events, than our underwriting, reserving or investment practices anticipate based on historical experience or industry data; the effects of acts of terrorism or war; developments in the world’s financial and capital markets that adversely affect the performance of our investments; changes in regulations or laws applicable to us, our subsidiaries, brokers or customers; acceptance of our products and services, including new products and services; changes in the availability, cost or quality of reinsurance and failure of our reinsurers to pay claims timely or at all; decreased demand for our insurance or reinsurance products; loss of the services of any of our executive officers or other key personnel; the effects of mergers, acquisitions and divestitures; changes in rating agency policies or practices; changes in legal theories of liability under our insurance policies; changes in accounting policies or practices; and changes in general economic conditions, including inflation and other factors. Forward-looking statements speak only as of the date on which they are made, and the company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.