GEORGE TOWN, Grand Cayman, Cayman Islands, July 17 /PRNewswire-FirstCall/
– United America Indemnity, Ltd. (Nasdaq: INDM) (UAI) today announced the
appointment of Scott Reynolds as President of United National Group, one of
UAI’s three U.S. divisions. The appointment is effective July 28, 2008. Mr.
Reynolds 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)
“Scott’s extensive experience within the wholesale distribution community
and specifically in the program arena coupled with his actuarial acumen will
be a tremendous asset as we continue to enhance our products and expand our
program administrator relationships within the United National Group,” said
Mr. Frakes. “With the addition of Scott to UAI’s management team, we now have
dedicated and talented Presidents for each of our operating divisions. While
UAI’s United States divisions are separate and distinct, in total their
operations offer wholesale producers a broad array of excess & surplus lines
and specialty admitted products that can be underwritten on either a binding
authority, brokerage or program basis.”
“I am privileged that Mr. Frakes and the UAI Board of Directors has
selected me as President of United National Group and look forward to further
developing its program business,” said Mr. Reynolds. “I am excited by the
opportunity to lead this division and to work closely with UAI’s other
business leaders, specifically Scott McDowell, President of Penn-America
Group, and David Myers, President of Diamond State Group. With the three
divisions working together to profitably develop business, UAI is well
positioned within the dynamic insurance industry to meet the changing needs of
the wholesale marketplace and to increase value to the UAI shareholders.”
Mr. Reynolds has over 20 years of industry experience and most recently
served as President of the Specialty Underwriting Division of AmWINS Group,
Inc., where he oversaw AmWINS’ program business. From 2002 through 2006, Mr.
Reynolds served as Chief Actuary of AmWINS. Prior to his time at AmWINS, Mr.
Reynolds was a Manager at Royal & Sun Alliance responsible for all commercial
lines pricing, filings and statistical reporting. Mr. Reynolds began his
career in 1987 at Royal & Sun Alliance within its actuarial department and
later served as Division Actuary of Liberty Mutual’s Business Markets
Division. Mr. Reynolds received his Bachelor’s of Science in Statistics from
Appalachian State University and is an Associate of the Casualty Actuarial
Society.
UAI also announced today that the principal offices of the United National
Group will be located in Charlotte, North Carolina where Scott Reynolds, its
new President, will also be based. “With the addition of this new location,
UAI’s U.S. businesses now have facilitates in six states (North Carolina,
Pennsylvania, California, Arizona, Michigan and Illinois),” said Mr. Frakes.
“The geographic dispersion of our physical locations allows us to better
distribute our products and services to all 50 states and further enhances our
ability to attract talented insurance professionals to join our dynamic
organization.”
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
nonadmitted basis. The Company’s four principal divisions include:
— Penn-America Group, which distributes its property and casualty
products to small commercial businesses through a select network of general
agents with specific binding authority.
— United National Group, which distributes its program and professional
lines products through program administrators with specific binding authority.
— Diamond State Group, which distributes its 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
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.
SOURCE United America Indemnity, Ltd.