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Specialty Underwriters’ Alliance Reports Q2 Financials

The gross written premiums were $43.9 million for the three months ended June 30, 2009, versus $41.8 million in the second quarter of 2008

Specialty Underwriters’ Alliance, a specialty property and casualty insurance company, has reported financial results for the second quarter and six months ended June 30, 2009.

The gross written premiums were $43.9 million for the three months ended June 30, 2009, versus $41.8 million in the second quarter of 2008. For the six months ended June 30, 2009, the gross written premiums were $72.9 million versus $65.9 million for the same period in 2008.

The earned premiums were $35.4 million for the second quarter of 2009, as compared to $34.2 million for the same quarter of 2008. Earned premiums were $70.1 million for the six months ended June 30, 2009, as compared to $69.9 million for the comparable period in 2008.

The total expenses for the three months ended June 30, 2009 were $38.6 million, consisting of loss and loss adjustment expenses of $23.0 million, acquisition expenses of $8.4 million and other operating expenses of $7.2 million.

The total expenses for the six months ended June 30, 2009, were $74.6 million, consisting of loss and loss adjustment expenses of $44 million, acquisition expenses of $16.9 million and other operating expenses of $13.7 million.