United America Indemnity Appoints Edward J. Noonan as Interim

Press Release:

United America Indemnity Appoints Edward J. Noonan as Interim CEO

Press Release
News Article February 2005

GEORGE TOWN, Grand Cayman, Cayman Islands, Feb. 7 /PRNewswire-FirstCall/ -- United America Indemnity, Ltd. today announced that its Board of Directors appointed fellow Board Member and former Audit Committee Chairman Edward J. Noonan as acting Chief Executive Officer.

Mr. Noonan is the former President and CEO of American Re Corporation, one of the most significant reinsurance companies in the world, having been associated with that company for over 18 years. Mr. Noonan also served on the Boards of the Reinsurance Association of America, the Insurance Information Institute and the American Institute of Chartered Property and Casualty Underwriters. Mr. Noonan's appointment as CEO of United America Indemnity follows David Bradley's departure from the Company. Pursuant to its established governance guidelines, United America Indemnity's Board of Directors will constitute a Search Committee of the Board to identify a limited number of other qualified CEO candidates prior to the Board's formal selection and appointment of the permanent CEO.

"I am extraordinarily pleased that Ed Noonan accepted our invitation to become CEO of United America Indemnity, " said Saul Fox, Chairman of United America Indemnity. "I have known, observed, and worked shoulder to shoulder with Ed Noonan for almost 14 years, beginning with our mutual immersion in the American Reinsurance management buyout in 1992, still considered one of the most formative insurance transactions."

"Ed Noonan stands out among the leaders of the insurance industry for his exemplary integrity and candor, raw intellect, financial and investment acumen, extensive and diverse operational knowledge, experience, and savvy, and perhaps as significant as all of the foregoing, his unique ability to build and lead winning teams of talented executives." Continued Mr. Fox, "Now on top of all that, what I appreciate most about Ed Noonan is that he knows how to make and keep money."

Mr. Fox is also Chief Executive of San Francisco-based Fox Paine & Company, LLC, whose affiliated private equity funds acquired a controlling interest in United America's predecessor company, United National Group, Ltd., in September 2003 and is the largest shareholder in United America Indemnity. Added Mr. Fox, "We look forward to working with Ed Noonan to further enhance the Company's prodigious growth and performance since the Company reformulated its long term strategy as of the date of our September 2003 investment. For example, the Company's $559 million of GAAP book value as of September 30, 2004, pro forma, is in excess of 200% of where it was at December 2002, the fiscal year end preceding Fox Paine's investment. Also, the Company's net written premiums for the 12 months ending September 30, 2004, pro forma, are 273% of net written premiums for fiscal 2002. Moreover, the Company moved its operating income from a loss in 2002 to a gain of approximately $50 million on a pro forma basis for the 12 months ending September 30, 2004."

"I'm delighted -- and honored -- to have been appointed CEO," said Mr. Noonan. "Through the recent merger of United National, Penn America, and Penn Independent, United America Indemnity is on track to accomplish great things. I am looking forward to working with United America Indemnity's many talented agents, managers, and employees to continue to build a market leading company. As a result of the acquisition we have four separate businesses with strong balance sheets, each poised for strong growth and superior profitability.

Mr. Noonan, age 46, served as President, Chief Executive Officer and a Director of American Re Corporation and Chairman, President and Chief Executive Officer of American Re-Insurance from March 1997 until March 2002. Mr. Noonan previously served as Executive Vice President for both companies from February to March 1997. In addition to serving as Director since 1992, Mr. Noonan previously held several senior executive positions with American Re-Insurance, including: President, Domestic Insurance Company Operations; Senior Vice President; Senior Vice President, Treaty Division; and member of the Company's Board of Management. Prior to joining American Re-Insurance, Mr. Noonan worked at Swiss Reinsurance from 1979 to 1983. Mr. Noonan also served as Chairman of Inter-Ocean Reinsurance Holdings of Hamilton, Bermuda from 1997 to 2002. Mr. Noonan received a B.S. in Finance from St. John's University in 1979 and is also a director of the St. Mary Medical Center Foundation, based in Langhorne, Pennsylvania.

On January 25, 2005, United America Indemnity, Ltd. announced that it completed its previously announced merger with Penn-America Group, Inc. and completed its previously announced acquisition of Penn Independent Corporation. As a result of the transactions, United America Indemnity is one of the leading specialty property and casualty insurers in the industry as well as a significant originator of and placement agent for specialty property and casualty insurance coverage.

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