United National Group Files for IPO

September 19, 2003

United National Group Ltd., a holding company formed under the laws of the Cayman Islands, announced it has filed a registration statement on Form S-1 for an initial public offering of its class A common shares. It intends to apply to have its class A common shares approved for quotation on the Nasdaq National Market under the symbol “UNGL.”

The company is a specialty property and casualty insurer with a 43-year operating history in the specialty insurance markets. Its U.S. insurance subsidiaries are either licensed or authorized to write surplus lines or specialty admitted business in all states. Its non-U.S. operations consist of a recently formed Barbados- based insurance company.

United National Group plans to use the net proceeds from the offering to redeem all of its outstanding preferred stock and to use any remaining proceeds for general corporate purposes including capitalization of its non- U.S. operations.

Merrill Lynch & Co. is acting as sole book-running manager for the potential transaction. Banc of America Securities LLC and Dowling & Partners Securities LLC are acting as co-managers.

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