William Blair & Company has initiated research coverage of Specialty Underwriters’ Alliance Inc., a start-up commercial property/casualty underwriter based in Chicago, focused on the specialty program business market, with an Outperform rating and company profile of Aggressive Growth.
Analyst Mark Lane estimated that the company, which completed its initial public offering on Nov. 18, 2004, and started writing business in January 2005, would earn $0.60 per share in fiscal 2005 (fully taxed basis of 35%) and $1.60 per share in fiscal 2006.
“We believe management has done an excellent job of identifying and securing a highly profitable initial set of programs — six through three partner agents — that will drive SUA’s growth in 2005 and 2006,” Lane said. “The market also is large, and we believe SUA will be able to attract additional partner agents in late 2005/early 2006.”
William Blair & Company L.L.C. is a Chicago-based investment firm, founded in 1935, offering investment banking, asset management, equity research, institutional and private brokerage, and private capital to individual, institutional, and issuing clients.
Topics Excess Surplus Underwriting
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