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United America Indemnity, Ltd. Reports Third Quarter 2007 Results and Share Repurchase Program
Date:10/24/2007

ncome increased 31.3% compared to the same quarter in 2006. Cash flow provided by operating activities in the third quarter of 2007 was $40.7 million, compared to $67.5 million in the third quarter of 2006.

The ratio of reinsurance receivables net of collateral to shareholders' equity was 0.2 at September 30, 2007 compared to 0.4 at December 31, 2006. Reinsurance receivables, net of collateral at September 30, 2007, decreased 51.1% or $177.0 million to $162.6 million from $339.6 million on December 31, 2006. The aggregate amount of collateral securing the reinsurance receivables held by the Company was $601.9 million at September 30, 2007. Reinsurance receivables, gross of collateral at September 30, 2007, decreased 22.2% or $218.0 million to $764.5 million from $982.5 million at December 31, 2006.

United America Indemnity's book value at September 30, 2007 of $844.8 million represents a 10.7% increase from the Company's book value of $763.3 million on December 31, 2006. The Company's book value per share increased 10.0% to $22.57 per share, compared to $20.52 per share at December 31, 2006. Book value per share at September 30, 2007 and December 31, 2006 is based on 37.4 million and 37.2 million, respectively, aggregate Class A and Class B common shares outstanding.

United America Indemnity's Third Quarter Gross and Net Premiums Written Results by Business Unit

Three Months Ended September 30,

(Dollars in thousands)

Gross Premiums Written Net Premiums Written

2007 2006 2007 2006

Penn-America $67,485 $100,982 $62,931 $93,424

United National

Programs 51,681 54,918 43,330 43,648

Specialty Brokerage 14,877 11,959 11,983 8,579

Total United National 66,
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SOURCE United America Indemnity, Ltd.
Copyright©2007 PR Newswire.
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