APPLIED UNDERWRITERS APPOINTS ELLEN GARDINER TO CHIEF ACTUARY

SAN FRANCISCO, CA - November 3, 2003 - Applied Underwriters, the industry leader in integrated workers' compensation solutions, announced the appointment of Ellen Gardiner as its new chief actuary. Ms. Gardiner brings over 20 years of actuarial experience to the position, and will oversee all risk assessment and rate calculation processes for Applied.

About joining a company that has doubled in size for nine consecutive years, Ms. Gardiner said, "This is an exciting time to join Applied. Everyone here is focused on making the company as successful as it can be, and I am eager to contribute."

Ms. Gardiner is a Fellow of the Casualty Actuarial Society and a Member of the American Academy of Actuaries. Prior to joining Applied Underwriters, she worked as chief actuary for Argonaut Insurance Company, a specialty workers' compensation insurance carrier. She also held actuarial positions at Fireman's Fund Insurance Company and USF&G.

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Applied Underwriters is a premier workers' compensation and financial services company. The company's three products - SolutionOne®, EquityCompT, 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 A IX rating assures 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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