GEORGE TOWN, Cayman Islands, Aug. 13 /PRNewswire-FirstCall/ -- United America Indemnity, Ltd. (NASDAQ:INDM) (UAI) today announced the appointment of Raymond H. ("Scott") McDowell to the position of President of Penn-America Group, one of UAI's three principal operating companies. The appointment is effective September 4, 2007. Mr. McDowell will report directly to Larry A. Frakes, President and Chief Executive Officer of UAI and its wholly owned subsidiary, United America Indemnity Group, Inc.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060706/MXTH001LOGO ) "I am pleased to welcome Scott McDowell to the UAI leadership team," said Mr. Frakes. "Scott is a second generation excess and surplus lines insurance executive with thirty years of experience in the industry and deep knowledge of distribution of insurance products through wholesale managing general agents. Scott's background in the binding authority business, both on the company and the broker side, makes him the right match for both Penn-America Group and UAI as we focus on strategic priorities, develop our operating subsidiaries as distinct business segments and build on the significant franchise value of Penn-America Group. I am confident that Scott will bring ideas and strategies to Penn America that will further the Company's goal of standing apart from its competitors in the binding authority marketplace." "I'm honored to lead Penn-America Group and look forward to continuing the group's efforts to grow and develop its binding authority business through a select group of wholesale general agents across the country," said Mr. McDowell. "Having grown up in this business, I recognize the franchise value of the Penn-America Group business. My family's general agency did business with Penn-America before they sold the business, and my father thereafter worked at Penn-America. I know that Penn-America is a robust company with strong financial ownership and a commitment to being a top excess and surplus lines insurance operation, and I am excited to begin working with the talented management team at Penn-America and its partners, the general agents, to strengthen existing and develop new and profitable relationships, refine existing products, build underwriting strength and drive continued earnings growth." Prior to joining UAI, Mr. McDowell was with Admiral Insurance Company for 13 years, most recently as its Regional Vice President for the Northeast (2002-2007), where he oversaw a $140 million book of business comprised of primary general liability, professional liability and property business. Previously at Admiral, Mr. McDowell was Regional Vice President for the Southeast (1997-2002) and Unit Manager, Casualty (1994-1997), during which time he started a new unit within the Casualty department. Before his successful career with Admiral, Mr. McDowell held numerous positions of increasing responsibility in the insurance industry beginning in 1976.
UAI previously announced its intention to operate its core underwriting businesses independently in three different arenas of the insurance industry: Penn-America as its binding authority business, United National Group as its program and wholesale brokerage business and Wind River as its reinsurance business in Bermuda. Penn-America and United National Group are unique, independent businesses with separate operating needs and individual relationships. With this structure, UAI expects to drive increased growth and profitability for the Company, its subsidiaries and all of its stakeholders.
About United America Indemnity, Ltd.
United America Indemnity, Ltd. (NASDAQ:INDM), through its several direct and indirect wholly owned subsidiary insurance and reinsurance companies, is a national and international provider of excess and surplus lines and specialty property and casualty insurance and reinsurance, both on an admitted and non- admitted basis. The Company's principal operating subsidiaries include: -- Penn-America, which distributes its products to small commercial
businesses through a select network of general agents with specific
binding authority. -- United National, a provider of property and casualty products through
the following two business units, all of which operate predominately in
the excess and surplus lines marketplace;
-- Programs, the marketing of insurance products for targeted insured
segments, as well as specialty products such as professional lines,
through program administrators with specific binding authority;
-- Specialty Brokerage, the marketing of property, casualty and
professional lines products through wholesale brokers. -- Wind River Reinsurance Company, Ltd., a Bermuda based treaty and
facultative reinsurer of excess and surplus lines and specialty
property and casualty insurance.
For more information, visit the United America Indemnity, Ltd. website at http://www.uai.ky/.
Forward-Looking Information This release contains forward-looking information about United America Indemnity, Ltd. and the operations of United America Indemnity, Ltd. that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward- looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives, expectations or consequences of the transactions, and statements about the future performance, operations, products and services of the companies.
The business and operations of United America Indemnity, Ltd. is and will be subject to a variety of risks, uncertainties and other factors. Consequently, actual results and experience may materially differ from those contained in any forward-looking statements. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: (1) the ineffectiveness of United America Indemnity, Ltd.'s business strategy due to changes in current or future market conditions; (2) the effects of competitors' pricing policies, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products; (3) greater frequency or severity of claims and loss activity than United America Indemnity, Ltd.'s underwriting, reserving or investment practices have anticipated; (4) decreased level of demand for United America Indemnity, Ltd.'s insurance products or increased competition due to an increase in capacity of property and casualty insurers; (5) risks inherent in establishing loss and loss adjustment expense reserves; (6) uncertainties relating to the financial ratings of United America Indemnity, Ltd.'s insurance subsidiaries; (7) uncertainties arising from the cyclical nature of United America Indemnity, Ltd.'s business; (8) changes in United America Indemnity, Ltd.'s relationships with, and the capacity of, its general agents; (9) the risk that United America Indemnity, Ltd.'s reinsurers may not be able to fulfill obligations; (10) investment performance and credit risk; and (11) uncertainties relating to governmental and regulatory policies. The foregoing review of important factors should be read in conjunction with the other cautionary statements that are included in United America Indemnity, Ltd.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2006, as well as in the materials filed and to be filed with the U.S. Securities and Exchange Commission (SEC). United America Indemnity, Ltd. does not make any commitment to revise or update any forward-looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made. http://www.newscom.com/cgi-bin/prnh/20060706/MXTH001LOGO DATASOURCE: United America Indemnity, Ltd.
CONTACT: Financial, Kevin L. Tate, CPA, Chief Financial Officer, +1-610-660-6813, ; Media, Christine Tassoni, +1-610-660-6814, , both of United America Indemnity Web site: http://www.uai.ky/
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