APPLIED UNDERWRITERS NAMES SID FERENC CHAIRMAN AND ELEVATES STEVE MENZIES TO PRESIDENT

SAN FRANCISCO, CA - April 12, 2004 - Applied Underwriters, the industry leader in integrated workers' compensation solutions, announced two executive management promotions. The company's board of directors has elected Sidney R. Ferenc to the position of chairman of the board. Mr. Ferenc will continue in his capacity of chief executive officer.

The board has also approved the appointment of Steven M. Menzies as President. Mr. Menzies will also continue in the capacity of chief operating officer.

Ferenc and Menzies founded Applied Underwriters in 1994 and have led it through nine consecutive years in which the company doubled its customer base. Both of these promotions reflect their leadership of the company as it enters its eleventh year of operations with continued growth and strong profitability.

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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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