Applied Underwriters Appoints Daniel R. Engel To Senior Vice President, Strategic Planning and Corporate Development

SAN FRANCISCO -- December 16, 2002 - Applied Underwriters, a premier workers' compensation and financial services company, announced today the appointment of Daniel R. Engel to senior vice president, strategic planning and corporate development. In this new position, Mr. Engel will direct strategic growth initiatives, financial modeling and planning, and investor relations. In addition, Mr. Engel will lead the company's capital markets and mergers and acquisition activities.

The position was created to manage the increased demand the company is experiencing for its workers' compensation and financial solutions. Applied Underwriters has grown reliably and profitably, doubling annually since its inception. Engel's appointment represents Applied Underwriters' commitment to superior senior management as the company expands to meet this ever-increasing market demand.

"Dan's position will be integral to the continued growth of Applied Underwriters," said Sid Ferenc, chief executive officer of Applied Underwriters. "His background will pay immediate dividends for the company. His deep experience in financial management and corporate development issues will round out an already solid senior management team."

Ferenc added that Engel, for the past four years, has been an advisor to the Board of Directors and led significant consultancy engagements for Applied Underwriters. Engel therefore joins the company already educated as to its particular issues and practices and is hence uniquely qualified to assume this new and critical role.

Prior to joining Applied Underwriters, Mr. Engel was a managing director at Gateway Partners, Inc., a leading acquisition search and mergers and acquisitions advisory firm. Mr. Engel's career also includes leadership roles at Onyx Partners, Inc., a broker-dealer involved in private debt and equity financings. He began his career in the real estate finance department of Salomon Brothers Inc, in New York and Los Angeles.

Mr. Engel holds a BA in Economics from UCLA, an MBA from UC Berkeley and a JD from Boalt Hall School of Law, UC Berkeley. He lives in San Diego with his wife Suzie and two children, Sam and Jordan. Engel will maintain an office in San Diego but will spend much of his time in San Francisco and Omaha.

Applied Underwriters is a premier workers' compensation and financial services company. The company's three solutions – SolutionOne, Equity Comp, and Coverage Dynamics – integrate workers' compensation coverage with employer-related services to ensure the success of small to medium-sized businesses. Its A.M. Best rated A coverage solutions offer unparalleled dependability and reliability. Founded in 1994, Applied Underwriters is headquartered in San Francisco, with a national customer service center in Omaha, NE. Additional information about the company is available at www.applieduw.com.

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