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Ticker:INDM
Company Name: United America Indemnity, Ltd.

Business Overview from 10-K filing for United America Indemnity, Ltd.:

On January 24, 2005 we completed our previously announced merger with Penn-America Group, Inc. (NYSE: PNG) as well as the previously announced acquisition of Penn Independent Corporation. In connection with the transactions, our shareholders’ approved our change in name from United National Group, Ltd. to United America Indemnity, Ltd. As a result of the transactions, we are one of the leading specialty property and casualty insurers in the industry as well as a significant originator of and placement agent for specialty property and casualty insurance coverage. Under our ownership structure, each company will retain its existing corporate identity and the businesses of United America Indemnity, Penn-America Group and Penn Independent Group will continue to be operated by essentially the existing management teams. Under the terms of the merger agreement, Penn-America Group, Inc.’s shareholders received $15.  g   

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