Darwin Acquires Ulico Indemnity Shell

May 6, 2005

Darwin National Assurance Company has acquired 100 percent of the stock of Ulico Indemnity Company from Ulico Casualty Company, a ULLICO subsidary. The purchase price was $3 million for licenses and approximately $22 million for the retained capital of the excess and surplus lines company, bringing the deal’s total to just over $25 million.

Darwin plans to rename the ULLICO E&S shell Darwin Select Insurance Company,

ULLICO Inc. is the nation’s only fully-unionized, provider of multi-line insurance, financial services and administrative products. ULLICO provides the jointly managed trust market with the insurance and investment products and services.

Darwin is a subsidiary of Alleghany Insurance Holdings LLC, whose parent company, Alleghany Corporation, is publicly traded on the New York Stock Exchange (ticker symbol ‘Y’). Darwin underwrites directors and officiers and errors and omissions liability insurance for public and private companies, health care risks, and a broad range of professional classes. With the acquisition of the ULLICO E&S shell, to be renamed Darwin Select Insurance Company, Darwin companies include Darwin Professional Underwriters, Inc. and Darwin National Assurance Company. On the Internet, Darwin can be found at www.darwinpro.com.

Merger & Acquisition Services Inc. (M&A), a New York-based insurance intermediary that assisted Ulico in the transaction, announced the deal.

M&A is a privately held company with offices in Atlanta, Georgia and New York, New York. For more information contact Merger & Acquisition Services at 212-317-1605 or online at www.merger-acquisition.net

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