Specialty Underwriters’ Alliance, Inc. Reports First Quarter 2005 Results

CHICAGO, May 16 /PRNewswire-FirstCall/ — Specialty Underwriters’ Alliance, Inc. today reported a net loss of $4.5 million for the quarter ended March 31, 2005. The company had no comparable revenues in the first quarter of 2004. During this first full quarter of operations after the company raised capital, its general administrative expenses totaled $5.2 million, of which $2.2 million was service company fees with Syndicated Services Company, Inc. Other major categories of expense included $1.3 million of salaries and benefit costs, $0.6 million of professional and consulting fees, $0.5 million of depreciation and amortization and $0.6 million of other expenses…..

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