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Universal American Financial Corp. Hires Insurance Company Chief Operating Officer and Counsel

Posted on: Thursday, 13 April 2006, 09:01 CDT

Universal American Financial Corp. (NASDAQ: UHCO) announced today that Steven B. Najjar has been appointed as Chief Operating Officer and legal counsel of its insurance companies. Based in the Lake Mary, Florida office, Mr. Najjar will serve as the Executive Vice President, General Counsel and Chief Operating Officer of certain of Universal American's insurance subsidiaries, including American Pioneer Life Insurance Company, Constitution Life Insurance Company, Marquette National Life Insurance Company and American Exchange Life Insurance Company.

Mr. Najjar joins Universal American from Clarendon Insurance Group, where he served as its President and Chief Executive Officer. Prior to that, Mr. Najjar was the General Counsel and then Chief Operating Officer for the Hannover Re Group's U.S. life reinsurance operations. Before joining the Hannover Re Group, Mr. Najjar practiced law for several years representing insurers, reinsurers, health and managed care organizations and other industry entities.

"We are delighted that Steve Najjar is joining the Universal American family of companies," said Chairman and CEO Richard A. Barasch. "He brings a range of skills and experience that will help us continue to build a leading senior market insurance company."

About Universal American Financial Corp.

Universal American Financial Corp. is a specialty health and life insurance holding company. Through its family of companies, Universal American offers a broad array of health insurance and managed care products and services, primarily to the growing senior population. Universal American is included in the NASDAQ Financial-100 Index, the Russell 2000 Index and the Russell 3000 Index. For more information on Universal American, please visit our website at www.uafc.com.

Certain matters discussed in this news release and oral statements made from time to time by representatives of Universal American may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Universal American believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Universal American's ability to control or predict. Important factors that may cause actual results to differ materially and could impact Universal American and the statements contained in this news release can be found in Universal American's filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K. For forward-looking statements in this news release, Universal American claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Universal American assumes no obligation to update or supplement any forward-looking statements, whether as a result of new information, future events or otherwise.

Source: Business Wire

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