SeaBright Insurance Completes Initial Public Offering

February 1, 2005

Seattle-based SeaBright Insurance Holdings Inc. announced that it has completed its initial public offering of 7,500,000 shares of common stock at $10.50 per share, all of which were offered by the Company.

SeaBright also announced that the underwriters have exercised in full their over-allotment option to purchase an additional 1,125,000 common shares at the public offering price of $10.50 per share.
Friedman, Billings, Ramsey & Co., Inc. acted as the sole book-running manager and Piper Jaffray & Co. and Cochran, Caronia & Co. acted as co-managers of the offering.

Copies of the final prospectus relating to the offering may be obtained from Friedman, Billings, Ramsey & Co., Inc., 1001 19th Street North, Arlington, Virginia, 22209.

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