A.M. Best Upgrades, Affirms Ratings of United America Indemnity Units

March 27, 2006

United America Indemnity, Ltd. reported that A.M. Best Company upgraded or affirmed its financial-strength rating for fourof its subsidiaries.

Penn-America Group, Inc. was upgraded to A (Excellent); United National Group and Wind River Insurance Company (Barbados) Ltd. had their ratings of A (Excellent) affirmed; and Wind River Insurance Company, Ltd.’s rating of A- (Excellent) also was affirmed. All the ratings were assigned a “stable outlook,” which indicates that each company is experiencing stable financial/market trends and that there is a low likelihood that the rating will change in the near term.

United America Indemnity, Ltd. is a specialty property and casualty insurance holding company, formed under the laws of the Cayman Islands. Through its U.S. insurance subsidiaries, it provides excess and surplus lines and specialty property and casualty insurance products and services in all 50 states. The company’s primary operation is U.S.-based United America Insurance Group. It includes two businesses: Penn-America, which writes small commercial businesses through a select network of general agents, and United National, which writes specialty products in four distinct market segments — professional liability, class specific, property and casualty brokerage and umbrella/excess liability.

United America also owns other insurance-related subsidiaries: Penn Independent Corporation, a wholesale broker of personal an commercial insurance products; Wind River Insurance Company, Ltd., based in Bermuda, a multi-line treaty reinsurer; and Wind River Insurance Company (Barbados), Ltd., a licensed insurance carrier.

With operations in 50 states and five nations, the company has annual total revenues of $562 million and total assets of more than $3.1 billion.

Source: United America Indemnity, Ltd.

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