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 | 2002 |
Universal American Financial Corp. Signs Definitive Agreement to Acquire Pyramid Life Insurance Company for $56 Million
Universal American Financial Corp. Signs Definitive Agreement to Acquire Pyramid Life Insurance Company for $56 Million (5K)
Doc #292392: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}mv12-23_release.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
UNIVERSAL AMERICAN
FINANCIAL CORP.
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. SIGNS DEFINITIVE
---------------------------------------------------
AGREEMENT TO ACQUIRE PYRAMID LIFE INSURANCE
-------------------------------------------
COMPANY FOR $56 MILLION
-----------------------
Rye Brook, NY - December 23, 2002 - UNIVERSAL AMERICAN FINANCIAL CORP. (NASDAQ
NATIONAL MARKET: UHCO) ("Universal American") announced today that one of its
subsidiaries has entered into a definitive contract to acquire Pyramid Life
Insurance Company ("Pyramid Life") from Ceres Group, Inc. (Nasdaq National
Market: CERG) for $56 million in cash. The closing of the transaction, which is
subject to regulatory approvals and other customary conditions, is scheduled to
close during the first quarter of 2003.
Founded in 1913, Pyramid Life specializes in providing health and life insurance
products to the senior market. These products include Medicare supplement,
long-term care, life insurance, and annuities. Pyramid Life markets its products
in 26 states through a career agency sales force of over 1,100 career agents
operating out of 29 Senior Solutions Sales Centers. As of the end of the third
quarter of 2002, Pyramid Life had approximately $110 million of premium in force
and in excess of $100 million of assets.
"This is an ideal acquisition for our company," stated Richard Barasch, chairman
and CEO of Universal American. "Pyramid Life has a profitable block of in force
premium and a first rate sales organization that has consistently produced high
quality senior business. In the past year, production has increased by 15% to
more than $25 million on an annualized basis. In addition, this acquisition will
add further scale and efficiencies to our operations in the rapidly expanding
senior market. Even though we will take advantage of our cost-effective and
efficient service center to administer the business, we will preserve the
marketing identity and quality service that has defined Pyramid Life."
(more)
{PAGE}
Universal American Financial Corp. Page 2
December 23, 2002
Universal American also issued earnings guidance for 2003 in the range of $0.66
to $0.68 per diluted share before giving effect to this acquisition. Based on
management estimates, the acquisition of Pyramid Life will be at least 5%
accretive in the first year after the closing of the transaction.
Banc of America Securities is acting as exclusive financial advisor to Universal
American in this transaction.
A conference call with management regarding this release is scheduled for 11:00
a.m. (Eastern), Monday, December 23, 2002. To listen to the live call, please go
to the Company's website at www.uafc.com at least 15 minutes early to download
and install any necessary audio software. If you are unable to listen live, the
conference call will be archived and can be accessed for approximately 30 days
at the websites.
ABOUT CERES GROUP, INC.
Ceres Group, Inc., through its insurance subsidiaries, provides a wide array of
health and life insurance products through two primary business segments. Ceres'
Medical Segment includes major medical health insurance for individuals,
associations and small businesses. The Senior Segment includes senior health,
life and annuity products for Americans age 55 and over. For more information,
visit www.ceresgp.com.
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP.
Universal American Financial Corp. offers a portfolio of supplemental life and
health insurance products, primarily to the senior market, as well as third
party administrator services for insurance and non-insurance programs in the
senior market. The Company is included on the Russell 2000 and 3000 Indexes. For
more information on Universal American, please visit our website at
www.uafc.com.
Except for the historical information contained above, this document may contain
some forward looking statements, including statements related to 2003 operating
results, which involve a number of risks and uncertainties that could cause
actual results to differ materially. These risk factors are listed from time to
time in the Company's SEC reports. The estimate of the accretion of the
transaction reflects the Company's best estimates based upon available
information and numerous assumptions and, accordingly, may or may not be
achieved if business conditions change or the assumptions that have been made
prove not to be accurate.
CONTACT: -OR- INVESTOR RELATIONS COUNSEL:
Robert A. Waegelein The Equity Group Inc.
Executive Vice President & www.theequitygroup.com
Chief Financial Officer (914) 934-8820 Linda Latman (212) 836-9609
Lauren Barbera (212) 836-9610
{/TEXT}
{/DOCUMENT}
292392
|
UAF
As referenced in this Universal American Financial Corp. Signs Definitive Agreement to Acquire Pyramid Life Insurance Company for $56 Million:
UNIVERSAL AMERICAN
FINANCIAL CORP – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}mv12-23_release.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
UNIVERSAL AMERICAN
FINANCIAL CORP .
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. SIGNS DEFINITIVE
---------------------------------------------------
AGREEMENT TO ACQUIRE PYRAMID LIFE INSURANCE
-------------------------------------------
COMPANY FOR $56 MILLION
-----------------------
Rye Brook, NY -
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – TYPE}EX-99
{SEQUENCE}3
{FILENAME}mv12-23_release.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
UNIVERSAL AMERICAN
FINANCIAL CORP.
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP . SIGNS DEFINITIVE
---------------------------------------------------
AGREEMENT TO ACQUIRE PYRAMID LIFE INSURANCE
-------------------------------------------
COMPANY FOR $56 MILLION
-----------------------
Rye Brook, NY - December 23, 2002 - UNIVERSAL AMERICAN FINANCIAL CORP. (
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. SIGNS DEFINITIVE
---------------------------------------------------
AGREEMENT TO ACQUIRE PYRAMID LIFE INSURANCE
-------------------------------------------
COMPANY FOR $56 MILLION
-----------------------
Rye Brook, NY - December 23, 2002 - UNIVERSAL AMERICAN FINANCIAL CORP . (NASDAQ
NATIONAL MARKET: UHCO) ("Universal American") announced today that one of its
subsidiaries has entered into a definitive contract to acquire Pyramid
_____________
Universal American Financial Corp – efficient service center to administer the business, we will preserve the
marketing identity and quality service that has defined Pyramid Life."
(more)
{PAGE}
Universal American Financial Corp . Page 2
December 23, 2002
Universal American also issued earnings guidance for 2003 in the range of $0.66
to $0.68
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – Senior Segment includes senior health,
life and annuity products for Americans age 55 and over. For more information,
visit www.ceresgp.com.
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP .
Universal American Financial Corp. offers a portfolio of supplemental life and
health insurance products, primarily to the senior market, as well as
_____________
dt 231245
;
Ceres Group
As referenced in this Universal American Financial Corp. Signs Definitive Agreement to Acquire Pyramid Life Insurance Company for $56 Million:
Ceres Group, – American") announced today that one of its
subsidiaries has entered into a definitive contract to acquire Pyramid Life
Insurance Company ("Pyramid Life") from Ceres Group, Inc. (Nasdaq National
Market: CERG) for $56 million in cash. The closing of the transaction, which is
subject to regulatory approvals and
_____________
CERES GROUP, – are unable to listen live, the
conference call will be archived and can be accessed for approximately 30 days
at the websites.
ABOUT CERES GROUP, INC.
Ceres Group, Inc., through its insurance subsidiaries, provides a wide array of
health and life insurance products through two primary business
_____________
Ceres Group, – listen live, the
conference call will be archived and can be accessed for approximately 30 days
at the websites.
ABOUT CERES GROUP, INC.
Ceres Group, Inc., through its insurance subsidiaries, provides a wide array of
health and life insurance products through two primary business segments. Ceres'
Medical
_____________
dt 231271
;
| Pyramid Life Insurance Company
|
Preview
Full Doc
| 2003 |
Universal American Financial Corp. Reports Record Third Quarter Results
Universal American Financial Corp. Reports Record Third Quarter Results (26K)
Doc #292382: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}mv11-14ex99_1.txt
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS
RECORD THIRD QUARTER RESULTS
Rye Brook, NY - November 4, 2003 - UNIVERSAL AMERICAN FINANCIAL CORP.
(NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today announced record
results for the third quarter ended September 30, 2003.
THIRD QUARTER 2003 COMPARED TO THIRD QUARTER 2002
-------------------------------------------------
o Pre-tax operating income, excluding investment gains, increased 36%
to $17.1 million;
o Net operating income, excluding investment gains, increased 35% to
$11.0 million;
o Net operating EPS, excluding investment gains, increased 33% to $.20
per diluted share;
o Reported net income, including investment gains, increased 37% to
$11.4 million, or $.21 per diluted share;
o Revenues, excluding investment gains, rose 69% to $141.3 million; and
o Operating return on equity was 15.4%, as compared to 13.5%.
NINE MONTHS ENDED SEPTEMBER 30, 2003 COMPARED TO
NINE MONTHS ENDED SEPTEMBER 30, 2002
------------------------------------
o Pre-tax operating income, excluding investment gains and a one-time
non-cash charge in the first quarter of 2003 of $1.8 million related
to the financing of the acquisition of Pyramid Life ("financing
charge"), increased 30% to $45.9 million;
o Net operating income, excluding investment gains and the financing
charge, increased 29% to $29.9 million;
o Net operating EPS, excluding investment gains and the financing
charge, increased 28% to $.55 per diluted share;
{PAGE}
o Reported net income, including investment gains and the financing
charge, was $30.0 million, or $.55 per diluted share; and
o Revenues, excluding investment gains, rose 52% to $379.0 million.
FINANCIAL RESULTS-THIRD QUARTER 2003
Universal American's reported net income for the third quarter of
2003 was $11.4 million, or $.21 per diluted share, compared to $8.3 million, or
$.15 per diluted share in the third quarter of 2002. The components of net
income were as follows:
o We earned $11.0 million, or $.20 per diluted share from operations,
excluding investment gains. This represents a 35% increase over the
$8.2 million income from operations and a 33% increase over the $.15
per diluted share reported in the 2002 third quarter. Based on this
measure of operating income, return on equity, excluding the effect
of FAS 115, for the third quarter was 15.4% compared to 13.5% in the
third quarter of last year.
o We realized after tax investment gains of $.4 million, or $.01 per
diluted share for the third quarter of 2003 compared to $.1 million
in the third quarter of 2002.
FINANCIAL RESULTS-NINE MONTHS ENDED SEPTEMBER 30, 2003
Universal American's reported net income for the first nine months of
2003 was $30.0 million, or $.55 per diluted share, compared to $19.1 million, or
$.35 per share in 2002. The components of net income were as follows:
o We earned $29.9 million, or $.55 per diluted share from operations,
excluding investment gains and the financing charge. This represents
a 29% increase over the $23.2 million income from operations and a
28% increase over the $.43 per diluted share reported in the first
nine months of 2002.
o We expensed $1.8 million, or $.02 per diluted share after tax, in
unamortized deferred loan fees associated with the loan that we
repaid in order to finance the Pyramid acquisition.
o We had after tax investment gains of $1.2 million, or $.02 per
diluted share, in the first nine months of 2003, compared to an after
tax loss of $4.1 million, or $.08 per diluted share, in 2002.
2
{PAGE}
BALANCE SHEET DATA
Excluding the unrealized appreciation of the Company's investment
portfolio, shareholders' equity was $293.2 million and fully diluted book value
per common share was $5.32, a 17% increase over September 30, 2002. Since 1998,
fully diluted book value per share, excluding the effect of FAS 115, has grown
at a compounded rate of 17%.
Shareholders' equity reported as of September 30, 2003 was $336.2
million, or $6.23 per common share, compared to $286.8 million, or $5.42 per
common share on December 31, 2002. During the first nine months of 2003, total
assets grew 22% to approximately $1.7 billion, largely as a result of the assets
acquired in the Pyramid acquisition.
MANAGEMENT COMMENTS
Richard Barasch, chairman and CEO of Universal American, commented,
"The results of the third quarter continue to reflect our organic growth
strengthened by our recent acquisitions. We are particularly pleased that our
return on equity grew to 15.4% for the quarter, reflecting our growth and the
efficient management of our capital structure.
SENIOR MARKET BROKERAGE
"The top-line in our Senior Market Brokerage segment grew well, as
gross premiums written increased by 9% over the third quarter of 2002 to $123.5
million. Revenues rose even faster, by 59%, to $65.0 million as we retained a
larger percentage of our new business and benefited from the recapture in the
second quarter of 2003 of a sizable in force block of Medicare supplement
business that had been previously reinsured and the assumption in the fourth
quarter of 2002 of a block of Medicare supplement business.
"In the third quarter, our Medicare Supplement loss ratio in this
line of business was 67.1%, an improvement over the 70.0% we incurred in the
second quarter, but slightly higher than the 65.8% we incurred on this line in
292382
|
UAF
As referenced in this Universal American Financial Corp. Reports Record Third Quarter Results:
[UNIVERSAL AMERICAN FINANCIAL CORP – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}mv11-14ex99_1.txt
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP . LOGO]
FOR IMMEDIATE RELEASE
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS
RECORD THIRD QUARTER RESULTS
Rye Brook, NY - November 4, 2003 - UNIVERSAL AMERICAN FINANCIAL
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}mv11-14ex99_1.txt
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
UNIVERSAL AMERICAN FINANCIAL CORP . REPORTS
RECORD THIRD QUARTER RESULTS
Rye Brook, NY - November 4, 2003 - UNIVERSAL AMERICAN FINANCIAL CORP.
(NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS
RECORD THIRD QUARTER RESULTS
Rye Brook, NY - November 4, 2003 - UNIVERSAL AMERICAN FINANCIAL CORP .
(NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today announced record
results for the third quarter ended September 30, 2003.
THIRD QUARTER 2003 COMPARED
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – its quarterly earnings
release. This supplemental financial data can be accessed at www.uafc.com (Under
the heading "Investor Relations; Financial Reports").
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP .
Universal American Financial Corp. offers a portfolio of supplemental
life and health insurance products, primarily to the senior market, as well as
_____________
Universal American Financial Corp – This supplemental financial data can be accessed at www.uafc.com (Under
the heading "Investor Relations; Financial Reports").
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP.
Universal American Financial Corp . offers a portfolio of supplemental
life and health insurance products, primarily to the senior market, as well as
third party administrator services
_____________
dt 231236
| |
Preview
Full Doc
| 2003 |
Universal American Financial Corp. to Acquire Guarantee Reserve Life Insurance Company's Marketing Organization And Reinsure Policies
Universal American Financial Corp. to Acquire Guarantee Reserve Life Insurance Company's Marketing Organization And Reinsure Policies (4K)
Doc #292389: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}jd7-10ex99_1.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. TO ACQUIRE GUARANTEE
-------------------------------------------------------
RESERVE LIFE INSURANCE COMPANY'S MARKETING ORGANIZATION
-------------------------------------------------------
AND REINSURE POLICIES
---------------------
Rye Brook, NY -July 3, 2003 - UNIVERSAL AMERICAN FINANCIAL CORP.
(NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today announced that
effective July 1, 2003, it has agreed with Swiss Re and its newly acquired
subsidiary, Guarantee Reserve Life Insurance Company ("Guarantee Reserve"), to
acquire Guarantee Reserve's marketing organization (including all rights to do
business with its field force), reinsure all future life insurance business and
to reinsure a portion of the existing accident and health business.
A Universal American insurance subsidiary will immediately file for
regulatory authority to issue all the life insurance policy forms now being
issued by Guarantee Reserve. Until such approval, Guarantee Reserve will
continue to sell life insurance, which will be 50% reinsured by a Universal
American subsidiary. After such approval, the Guarantee Reserve field force will
sell the Universal American subsidiary's life insurance policies on the approved
forms, which will be 50% reinsured by Swiss Re.
Richard Barasch, Chairman and CEO of Universal American, commented,
"This is a fine opportunity for Universal American to expand its sale of life
insurance products. Last year, Guarantee Reserve wrote nearly $38 million in new
life premium; we believe that nearly all of the producers who wrote this
business will continue to write their business with us. In order to assure a
smooth transition, we will have hired the marketing staff of Guarantee Reserve,
which will give us experienced sales personnel and proven lead generation
capability. We are especially delighted to work on this transaction with Swiss
Re, a trusted leader in the insurance industry."
(more)
5
{PAGE}
Universal American Financial Corp. News Release Page 2
July 3, 2003
ABOUT SWISS RE
Swiss Re is a leading reinsurer and the world's largest life and
health reinsurer. The company is global, operating from 70 offices in 30
countries. Since its foundation in 1863, Swiss Re has been in the reinsurance
business. Swiss Re has three business groups: Property & Casualty, Life & Health
and Financial Services. Swiss Re offers a wide range of traditional reinsurance
products and related services, which are complemented by insurance-based
corporate finance solutions and supplementary services. Swiss Re is rated "AA+"
by Standard & Poor's, "Aa1" by Moody's and "A++" by A.M. Best.
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP.
Universal American Financial Corp. offers a portfolio of supplemental
life and health insurance products, primarily to the senior market, as well as
third party administrator services for insurance and non-insurance programs in
the senior market. The Company is included on the Russell 2000 and 3000 Indexes.
For more information on Universal American, please visit our website at
www.uafc.com.
Except for the historical information contained above, this document
may contain some forward looking statements, which involve a number of risks and
uncertainties that could cause actual results to differ materially. These risk
factors are listed from time to time in the Company's SEC reports.
#### #### ####
CONTACT: - OR- INVESTOR RELATIONS COUNSEL:
Robert A. Waegelein The Equity Group Inc.
Executive Vice President & www.theequitygroup.com
Chief Financial Officer (914) 934-8820 Linda Latman (212) 836-9609
Sarah Torres (212) 836-9611
6
{/TEXT}
{/DOCUMENT}
292389
|
UAF
As referenced in this Universal American Financial Corp. to Acquire Guarantee Reserve Life Insurance Company's Marketing Organization And Reinsure Policies:
[UNIVERSAL AMERICAN FINANCIAL CORP – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}jd7-10ex99_1.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP . LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. TO ACQUIRE GUARANTEE
-------------------------------------------------------
RESERVE LIFE INSURANCE COMPANY'S MARKETING ORGANIZATION
-------------------------------------------------------
AND REINSURE POLICIES
---------------------
Rye
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – EX-99
{SEQUENCE}3
{FILENAME}jd7-10ex99_1.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP . TO ACQUIRE GUARANTEE
-------------------------------------------------------
RESERVE LIFE INSURANCE COMPANY'S MARKETING ORGANIZATION
-------------------------------------------------------
AND REINSURE POLICIES
---------------------
Rye Brook, NY -July 3, 2003 - UNIVERSAL AMERICAN FINANCIAL
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – UNIVERSAL AMERICAN FINANCIAL CORP. TO ACQUIRE GUARANTEE
-------------------------------------------------------
RESERVE LIFE INSURANCE COMPANY'S MARKETING ORGANIZATION
-------------------------------------------------------
AND REINSURE POLICIES
---------------------
Rye Brook, NY -July 3, 2003 - UNIVERSAL AMERICAN FINANCIAL CORP .
(NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today announced that
effective July 1, 2003, it has agreed with Swiss Re and its newly
_____________
Universal American Financial Corp – capability. We are especially delighted to work on this transaction with Swiss
Re, a trusted leader in the insurance industry."
(more)
5
{PAGE}
Universal American Financial Corp . News Release Page 2
July 3, 2003
ABOUT SWISS RE
Swiss Re is a leading reinsurer and the world's largest life
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – and supplementary services. Swiss Re is rated "AA+"
by Standard & Poor's, "Aa1" by Moody's and "A++" by A.M. Best.
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP .
Universal American Financial Corp. offers a portfolio of supplemental
life and health insurance products, primarily to the senior market, as well as
_____________
dt 231242
| |
Preview
Full Doc
| 2003 |
Universal American Financial Corp. Completes Acquisition of Pyramid Life
Universal American Financial Corp. Completes Acquisition of Pyramid Life (3K)
Doc #292391: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}4
{FILENAME}mv4-1_ex991.txt
{DESCRIPTION}99.1
{TEXT}
Exhibit 99.1
UNIVERSAL AMERICAN
FINANCIAL CORP.
FOR IMMEDIATE RELEASE
UNIVERSAL AMERICAN FINANCIAL CORP. COMPLETES
ACQUISITION OF PYRAMID LIFE
---------------------------
Rye Brook, NY - March 31, 2003 - UNIVERSAL AMERICAN FINANCIAL CORP. (NASDAQ
NATIONAL MARKET: UHCO) ("Universal American") announced that, through one of its
subsidiaries, it completed today the acquisition of Pyramid Life Insurance
Company ("Pyramid Life") from Ceres Group, Inc. (NASDAQ National Market: CERG)
for $57.5 million.
Founded in 1913, Pyramid Life provides health and life insurance products to the
senior market including Medicare supplement, long-term care, life insurance, and
annuities. Pyramid Life markets its products in 26 states through a career
agency sales force of over 1,100 career agents operating out of 29 Senior
Solutions Sales Centers.
"We believe this to be an ideal acquisition for our company," stated Richard
Barasch, chairman and CEO of Universal American. "We are acquiring a company
with a profitable block of in force premium and a productive and skilled sales
organization that has consistently produced quality senior market business. In
2002, these agents wrote more than $26 million on an annualized basis.
"In anticipation of the acquisition, we have already begun the integration of
Pyramid," Mr. Barasch continued, "and we believe that most of the business will
be converted onto our systems by the end of the year. While we will utilize our
cost-effective and efficient service center to administer the business, we will
preserve the marketing identity and quality service that has defined Pyramid
Life."
Banc of America Securities was the exclusive financial advisor to Universal
American in this transaction. Raymond James acted as financial advisor to the
Transaction Committee of the Board of Directors of Universal American.
(more)
{PAGE}
Universal American Financial Corp. Page 2
March 31, 2003
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP.
Universal American Financial Corp. offers a portfolio of supplemental life and
health insurance products, primarily to the senior market, as well as third
party administrator services for insurance and non-insurance programs in the
senior market. The Company is included on the Russell 2000 and 3000 Indexes. For
more information on Universal American, please visit our website at
www.uafc.com.
Except for the historical information contained above, this document may contain
some forward looking statements, including statements related to 2003 operating
results, which involve a number of risks and uncertainties that could cause
actual results to differ materially. These risk factors are listed from time to
time in the Company's SEC reports. The estimate of the accretion of the
transaction reflects the Company's best estimates based upon available
information and numerous assumptions and, accordingly, may or may not be
achieved if business conditions change or the assumptions that have been made
prove not to be accurate.
CONTACT: -OR- INVESTOR RELATIONS COUNSEL:
Robert A. Waegelein The Equity Group Inc.
Executive Vice President & www.theequitygroup.com
----------------------
Chief Financial Officer (914) 934-8820 Linda Latman (212) 836-9609
Sarah Torres (212) 836-9611
{/TEXT}
{/DOCUMENT}
292391
|
UAF
As referenced in this Universal American Financial Corp. Completes Acquisition of Pyramid Life:
UNIVERSAL AMERICAN
FINANCIAL CORP – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}4
{FILENAME}mv4-1_ex991.txt
{DESCRIPTION}99.1
{TEXT}
Exhibit 99.1
UNIVERSAL AMERICAN
FINANCIAL CORP .
FOR IMMEDIATE RELEASE
UNIVERSAL AMERICAN FINANCIAL CORP. COMPLETES
ACQUISITION OF PYRAMID LIFE
---------------------------
Rye Brook, NY - March 31, 2003 - UNIVERSAL AMERICAN FINANCIAL CORP. (
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – TYPE}EX-99
{SEQUENCE}4
{FILENAME}mv4-1_ex991.txt
{DESCRIPTION}99.1
{TEXT}
Exhibit 99.1
UNIVERSAL AMERICAN
FINANCIAL CORP.
FOR IMMEDIATE RELEASE
UNIVERSAL AMERICAN FINANCIAL CORP . COMPLETES
ACQUISITION OF PYRAMID LIFE
---------------------------
Rye Brook, NY - March 31, 2003 - UNIVERSAL AMERICAN FINANCIAL CORP. (NASDAQ
NATIONAL MARKET: UHCO) ("Universal American") announced
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – 1
UNIVERSAL AMERICAN
FINANCIAL CORP.
FOR IMMEDIATE RELEASE
UNIVERSAL AMERICAN FINANCIAL CORP. COMPLETES
ACQUISITION OF PYRAMID LIFE
---------------------------
Rye Brook, NY - March 31, 2003 - UNIVERSAL AMERICAN FINANCIAL CORP . (NASDAQ
NATIONAL MARKET: UHCO) ("Universal American") announced that, through one of its
subsidiaries, it completed today the acquisition of Pyramid Life Insurance
_____________
Universal American Financial Corp – in this transaction. Raymond James acted as financial advisor to the
Transaction Committee of the Board of Directors of Universal American.
(more)
{PAGE}
Universal American Financial Corp . Page 2
March 31, 2003
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP.
Universal American Financial Corp. offers a portfolio of supplemental life and
health
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – the
Transaction Committee of the Board of Directors of Universal American.
(more)
{PAGE}
Universal American Financial Corp. Page 2
March 31, 2003
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP .
Universal American Financial Corp. offers a portfolio of supplemental life and
health insurance products, primarily to the senior market, as well as
_____________
dt 231244
;
Ceres Group
As referenced in this Universal American Financial Corp. Completes Acquisition of Pyramid Life:
Ceres Group, – UHCO) ("Universal American") announced that, through one of its
subsidiaries, it completed today the acquisition of Pyramid Life Insurance
Company ("Pyramid Life") from Ceres Group, Inc. (NASDAQ National Market: CERG)
for $57.5 million.
Founded in 1913, Pyramid Life provides health and life insurance products to the
_____________
dt 231270
;
| Pyramid Life Insurance Company
|
Preview
Full Doc
| 2004 |
Universal American Financial Corp. Reports Record Second Quarter Results
Universal American Financial Corp. Reports Record Second Quarter Results (38K)
Doc #292367: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}2
{FILENAME}jd8-4ex_99.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS RECORD
-------------------------------------------------
SECOND QUARTER RESULTS
----------------------
Rye Brook, NY - August 2, 2004 - UNIVERSAL AMERICAN FINANCIAL CORP.
(NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today announced record
results for the second quarter ended June 30, 2004.
SECOND QUARTER 2004 COMPARED TO SECOND QUARTER 2003
---------------------------------------------------
Universal American reported net income of $13.0 million for the
second quarter of 2004, an 18% increase over the $11.0 million reported last
year. We earned $.23 per diluted share, an increase of 15% over the $.20
reported for the second quarter of 2003. Results for the second quarter of 2004
include the operations of Heritage Health Systems, Inc. ("Heritage") since May
28, 2004, the date of acquisition.
Net income for the second quarter of 2004 included after-tax realized
investment gains of $0.1 million, or $0.0 per diluted share. Net income for the
second quarter of 2003 included after-tax realized investment gains of $0.8
million, or $.01 per diluted share.
Total revenues for the second quarter of 2004 increased 21% to $166.5
million. Direct and assumed premiums for the second quarter of 2004 increased
12% to $208.4 million and net premiums for the second quarter increased 23% to
$146.6 million, compared to the second quarter of 2003.
Annualized return on equity (excluding FAS 115) for the second
quarter 2004 was 15.9% which includes 20 basis points that resulted from capital
gains realized in the second quarter of 2004 (see discussion of non-GAAP
financial measures contained in the supplemental financial information later in
this press release).
(more)
{PAGE}
Universal American Financial Corp. Page 2
August 2, 2004
SIX MONTHS ENDED JUNE 30, 2004 COMPARED TO SIX MONTHS ENDED JUNE 30, 2003
Our reported net income for the six months ended June 30, 2004 was
$26.9 million, a 45% increase over the $18.6 million reported last year. We
earned $.48 per diluted share an increase of 41% over the $.34 reported for the
comparable period of 2003.
Net income for the six months ended June 30, 2004 included after-tax
realized investment gains of $2.5 million, or $.04 per diluted share. Net income
for the six months ended June 30, 2003 included after-tax realized investment
gains of $0.8 million, or $.01 per diluted share, and a charge of $1.8 million,
or $.02 per diluted share after tax, relating to the expensing of unamortized
deferred fees on the loan that was repaid in order to finance the Pyramid
acquisition.
Total revenues for the six months ended June 30, 2004 increased 38%
to $325.0 million. Direct and assumed premiums for the six months ended June 30,
2004 increased 18% to $410.6 million and net premiums increased 43% to $282.7
million, compared to the six months ended June 30, 2003.
Annualized return on equity (excluding FAS 115) for the six months
ended June 30, 2004 was 16.8%, which includes 150 basis points that resulted
from capital gains realized during that period (see discussion of non-GAAP
financial measures contained in the supplemental financial information later in
this press release).
BALANCE SHEET DATA
Stockholders' equity as of June 30, 2004 was $356.6 million, or $6.53
per common share, compared to $345.7 million, or $6.41 per common share, at
December 31, 2003. Excluding the effect of FAS 115, which includes the net
unrealized appreciation of the Company's investment portfolio, stockholders'
equity was $336.1 million and fully diluted book value per common share was
$6.03, an 18% increase since June 30, 2003 (see discussion of non-GAAP financial
measures contained in the supplemental financial information later in this press
release). Since 1998, fully diluted book value per share, excluding the effect
of FAS 115, has grown at a compounded rate of 17.2%.
(more)
2
{PAGE}
Universal American Financial Corp. Page 3
August 2, 2004
MANAGEMENT COMMENTS
Richard Barasch, chairman and CEO of Universal American, commented,
"The second quarter of 2004 was another strong quarter for our company. In
addition to our continued internal growth, we began to see the accretion from
the acquisition of Heritage Health Systems.
"Our efforts to expand distribution continue to succeed. Building on
the two distribution forces that we acquired in 2003, we wrote $34.6 million of
new business in the second quarter, which is 15% higher than in the comparable
period in 2003. After taking into account our reduced use of reinsurance, our
net retained new business produced in the second quarter of 2004 was
approximately 20% higher than in the second quarter of 2003.
CAREER AGENCY
"The Career Agency division continued its excellent performance
bolstered by the addition of Pyramid Life and increased sales of senior market
products in Pennsylvania Life. With the addition of Pyramid, revenues increased
6% to $75.3 million and profits increased 32% to $12.9 million compared to the
second quarter of 2003.
"We continue to be excited with the results and prospects for our
Senior Solutions program, which has spurred increased recruiting and sales. A
prime indicator is that sales of senior market products in Pennsylvania Life
increased 82% over the second quarter of 2003, representing 63% of Pennsylvania
Life's new production. Thus far this year, we have designated 51 existing
offices of Pennsylvania Life as Senior Solutions Service Centers ("SSSC's") in
addition to the 30 SSSC's of Pyramid Life previously designated and opened 21
SSSC's in new locations. We should see further improvement in senior market
sales from this activity.
SENIOR MARKET BROKERAGE
292367
|
UAF
As referenced in this Universal American Financial Corp. Reports Record Second Quarter Results:
[UNIVERSAL AMERICAN FINANCIAL CORP – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}2
{FILENAME}jd8-4ex_99.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP . LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS RECORD
-------------------------------------------------
SECOND QUARTER RESULTS
----------------------
Rye Brook, NY - August 2, 2004 - UNIVERSAL AMERICAN FINANCIAL
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – EX-99
{SEQUENCE}2
{FILENAME}jd8-4ex_99.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP . REPORTS RECORD
-------------------------------------------------
SECOND QUARTER RESULTS
----------------------
Rye Brook, NY - August 2, 2004 - UNIVERSAL AMERICAN FINANCIAL CORP.
(NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS RECORD
-------------------------------------------------
SECOND QUARTER RESULTS
----------------------
Rye Brook, NY - August 2, 2004 - UNIVERSAL AMERICAN FINANCIAL CORP .
(NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today announced record
results for the second quarter ended June 30, 2004.
SECOND QUARTER 2004 COMPARED
_____________
Universal American Financial Corp – quarter of 2004 (see discussion of non-GAAP
financial measures contained in the supplemental financial information later in
this press release).
(more)
{PAGE}
Universal American Financial Corp . Page 2
August 2, 2004
SIX MONTHS ENDED JUNE 30, 2004 COMPARED TO SIX MONTHS ENDED JUNE 30, 2003
Our reported net
_____________
Universal American Financial Corp – diluted book value per share, excluding the effect
of FAS 115, has grown at a compounded rate of 17.2%.
(more)
2
{PAGE}
Universal American Financial Corp . Page 3
August 2, 2004
MANAGEMENT COMMENTS
Richard Barasch, chairman and CEO of Universal American, commented,
"The second quarter of 2004 was
_____________
dt 231221
;
|
Heritage Health
As referenced in this Universal American Financial Corp. Reports Record Second Quarter Results:
Heritage Health Systems, Inc – of 15% over the $.20
reported for the second quarter of 2003. Results for the second quarter of 2004
include the operations of Heritage Health Systems, Inc . ("Heritage") since May
28, 2004, the date of acquisition.
Net income for the second quarter of 2004 included after-tax realized
investment
_____________
Heritage Health Systems, Inc – be active, from both internal and external sources, and we
expect to see continued growth in this segment.
MEDICARE ADVANTAGE
"The acquisition of Heritage Health Systems, Inc . closed on May 28,
2004, and we are delighted with the progess that has already been made. Just
prior to the closing,
_____________
Heritage Health Systems, Inc – sum of Stockholders' Equity (excluding FAS
115) plus Total Outstanding Bank Debt plus Trust Preferred Securities.
(5) In connection with the acquisition of Heritage Health Systems, Inc . on May
28, 2004, we added a new segement, Medicare Advantage. This segment
includes the operations of Heritage, as well as the
_____________
dt 263969
|
Preview
Full Doc
| 2004 |
Universal American Financial Corp. Completes Acquisition of Heritage Health Systems
Universal American Financial Corp. Completes Acquisition of Heritage Health Systems (4K)
Doc #292369: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}mv6-1ex99_1.txt
{TEXT}
Exhibit 99.1
UNIVERSAL AMERICAN
FINANCIAL CORP.
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. COMPLETES ACQUISITION OF
HERITAGE HEALTH SYSTEMS
ACCELERATES ENTRY INTO MEDICARE ADVANTAGE MARKET
S&P RATES UNIVERSAL AMERICAN'S DEBT "INVESTMENT GRADE"
RYE BROOK, N.Y., May 28, 2004 -- Universal American Financial Corp. (NASDAQ:
UHCO) ("Universal American") announced today that it has completed the
previously contracted and announced acquisition of Heritage Health Systems, Inc.
("Heritage") for $98 million in cash.
Founded in 1995, Heritage operates Medicare Advantage plans in Houston and
Beaumont, Texas, and has approximately 16,000 Medicare members with annualized
revenue of approximately $132 million.
"This acquisition is an ideal fit for Universal American as it accelerates our
entry to the Medicare Advantage market and expands our position as one of the
leading providers of life and health insurance products to seniors," stated
Richard Barasch, Chairman and CEO of Universal American. "With the addition of
Heritage, recently obtained approvals to offer Medicare Advantage programs in
the Northeast and our new Medicare-approved prescription drug discount card, our
senior market product mix is one of the most comprehensive in our industry."
Mr. Barasch continued, "Heritage has continued to perform well since the
announcement of the acquisition in March 2004 and has begun to pick up marketing
momentum. Our Senior Solutions centers in Houston/Beaumont area are embracing
the opportunity to enlarge their product line by offering a managed care
product. We expect the acquisition will be immediately accretive, adding
approximately 5% to 7% to the balance of 2004 earnings."
The transaction was financed with Universal American internal cash of
approximately $33 million plus the proceeds of an amended and increased senior
credit facility arranged by Banc of America Securities LLC. Standard & Poor's
has assigned a `BBB-` rating to this $120 million credit facility.
(more)
{PAGE}
Universal American Financial Corp. Page 2
May 28, 2004
Mr. Barasch commented, "We are gratified by the reaction of this rating agency
toward this transaction. This is the first time Universal American has been
given an investment grade rating on its debt and we believe it is a testament to
the strength of our operations and the quality of our balance sheet."
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP.
Universal American Financial Corp. offers a portfolio of health and life
insurance products, primarily to the senior market, as well as third party
administrator services for insurance and non-insurance programs in the senior
market. Universal American is included in the Russell 2000 and 3000 Indexes. For
more information on Universal American, please visit our website at
www.uafc.com.
Except for the historical information contained above, this document may contain
forward looking statements, including statements related to 2004 operating
results, which involve a number of risks and uncertainties that could cause
actual results to differ materially. These risk factors are listed from time to
time in the Company's SEC reports.
#### #### ####
CONTACT: -OR- INVESTOR RELATIONS COUNSEL:
Robert A. Waegelein The Equity Group Inc.
Executive Vice President & www.theequitygroup.com
Chief Financial Officer (914) 934-8820 Sarah Torres (212) 836-9611
Linda Latman (212) 836-9609
{/TEXT}
{/DOCUMENT}
292369
|
UAF
As referenced in this Universal American Financial Corp. Completes Acquisition of Heritage Health Systems:
UNIVERSAL AMERICAN
FINANCIAL CORP – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}mv6-1ex99_1.txt
{TEXT}
Exhibit 99.1
UNIVERSAL AMERICAN
FINANCIAL CORP .
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. COMPLETES ACQUISITION OF
HERITAGE HEALTH SYSTEMS
ACCELERATES ENTRY INTO MEDICARE ADVANTAGE MARKET
S&P RATES
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}mv6-1ex99_1.txt
{TEXT}
Exhibit 99.1
UNIVERSAL AMERICAN
FINANCIAL CORP.
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP . COMPLETES ACQUISITION OF
HERITAGE HEALTH SYSTEMS
ACCELERATES ENTRY INTO MEDICARE ADVANTAGE MARKET
S&P RATES UNIVERSAL AMERICAN'S DEBT "INVESTMENT GRADE"
RYE
_____________
Universal American Financial Corp – SYSTEMS
ACCELERATES ENTRY INTO MEDICARE ADVANTAGE MARKET
S&P RATES UNIVERSAL AMERICAN'S DEBT "INVESTMENT GRADE"
RYE BROOK, N.Y., May 28, 2004 -- Universal American Financial Corp . (NASDAQ:
UHCO) ("Universal American") announced today that it has completed the
previously contracted and announced acquisition of Heritage Health Systems, Inc.
("Heritage")
_____________
Universal American Financial Corp – arranged by Banc of America Securities LLC. Standard & Poor's
has assigned a `BBB-` rating to this $120 million credit facility.
(more)
{PAGE}
Universal American Financial Corp . Page 2
May 28, 2004
Mr. Barasch commented, "We are gratified by the reaction of this rating agency
toward this transaction. This
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – its debt and we believe it is a testament to
the strength of our operations and the quality of our balance sheet."
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP .
Universal American Financial Corp. offers a portfolio of health and life
insurance products, primarily to the senior market, as well as third
_____________
dt 231223
;
Heritage Health
As referenced in this Universal American Financial Corp. Completes Acquisition of Heritage Health Systems:
Heritage Health Systems, Inc – 28, 2004 -- Universal American Financial Corp. (NASDAQ:
UHCO) ("Universal American") announced today that it has completed the
previously contracted and announced acquisition of Heritage Health Systems, Inc .
("Heritage") for $98 million in cash.
Founded in 1995, Heritage operates Medicare Advantage plans in Houston and
Beaumont, Texas, and has approximately
_____________
dt 263971
;
|
 BofA Securities
As referenced in this Universal American Financial Corp. Completes Acquisition of Heritage Health Systems:
Banc of America Securities LLC – financed with Universal American internal cash of
approximately $33 million plus the proceeds of an amended and increased senior
credit facility arranged by Banc of America Securities LLC . Standard & Poor's
has assigned a `BBB-` rating to this $120 million credit facility.
(more)
{PAGE}
Universal American Financial Corp. Page 2
_____________
dt 252039
|
Preview
Full Doc
| 2004 |
Universal American Financial Corp. Reports Record First Quarter Results
Universal American Financial Corp. Reports Record First Quarter Results (27K)
Doc #292370: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}2
{FILENAME}jd5-7ex_99.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS RECORD
-------------------------------------------------
FIRST QUARTER RESULTS
---------------------
Rye Brook, NY - May 6, 2004 - UNIVERSAL AMERICAN FINANCIAL CORP.
(NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today announced record
results for the first quarter ended March 31, 2004.
FIRST QUARTER 2004 COMPARED TO FIRST QUARTER 2003
Universal American reported net income of $.25 per diluted share, for
the first quarter of 2004, an increase of 79% over the $.14 reported for the
first quarter of 2003. We earned $13.9 million, an 84% increase over the $7.5
million reported last year.
Net income for the first quarter of 2004 included after-tax
realized investment gains of $2.3 million, or $.04 per diluted share. Net income
for the first quarter of 2003 included after-tax realized investment gains of
$0.1 million, or $.00 per diluted share, and a charge of $1.1 million, or $.02
per diluted share, from the early extinguishment of debt.
Direct and assumed premiums for the first quarter of 2004 increased
26% to $202.3 million, compared to the first quarter of 2003. Net premiums for
the first quarter increased 72% to $136.1 million, compared to the first quarter
of 2003.
(more)
{PAGE}
BALANCE SHEET DATA
Stockholders' equity as of March 31, 2004 was $370.3 million, or
$6.83 per common share, compared to $345.7 million, or $6.41 per common share,
at December 31, 2003. Excluding the effect of FAS 115, which includes the net
unrealized appreciation of the Company's investment portfolio, stockholders'
equity was $321.0 million and fully diluted book value per common share was
$5.79, an 18% increase since March 31, 2003. Since 1998, fully diluted book
value per share, excluding the effect of FAS 115, has grown at a compounded rate
of 17.2% (see discussion of non-GAAP financial measures contained in the
supplemental financial information later in this press release).
MANAGEMENT COMMENTS
Richard Barasch, chairman and CEO of Universal American, commented,
"We are off to a great start in 2004, with solid contributions coming from each
of our business segments. We continue to execute our business plan, which
includes consistent internal growth bolstered by opportunistic acquisitions.
"Our efforts to expand distribution continue to succeed. Building on
the two new distribution forces that we acquired in 2003, we wrote $39.0 million
of new business in the first quarter, which is 46% higher than in the comparable
period in 2003. After taking into account our reduced use of reinsurance, our
net retained new business produced in the first quarter of 2004 was 72% higher
than in the first quarter of 2003.
"As we have discussed previously, first quarter results in our
largest line of business - Medicare Supplement - are impacted by loss ratios
that are seasonal and predictably higher than in the succeeding quarters.
However, as compared to 2003, our first quarter loss ratio has improved, and we
expect to see a continued improvement throughout the balance of the year, as
projected.
(more)
2
{PAGE}
SENIOR MARKET BROKERAGE
"Our Senior Market Brokerage segment had another strong quarter.
Revenues rose by 44% to $75.5 million, as compared to the first quarter of 2003,
and profits increased 14% to $3.5 million.
"The increase in profitability was driven by increased revenue and
improvement in our Medicare Supplement loss ratios as compared to last year. In
the first quarter, our loss ratio in this line of business was 70.2%, compared
to 73.2% in the first quarter of 2003.
"Further, our effort to increase our sales of life insurance to
complement our health insurance has been quite successful, largely due to the
acquisition of the Guarantee Reserve Life field force. This activity began on
July 1, 2003, and we wrote over $15.2 million of new life business during the
second half of 2003 and $7.4 million during the first quarter of 2004, of which
we retained half.
CAREER AGENCY
"The Career Agency division continued its excellent performance
bolstered by the addition of Pyramid Life and increased sales of senior market
products in Pennsylvania Life. With the addition of Pyramid, revenues increased
85% to $76.5 million and profits increased 42% to $13.4 million compared to the
first quarter of 2003. Total new sales of $12.4 million, including the $6.1
million of business written by Pyramid, increased by 97% over the same period
last year.
"We completed as planned the integration of the operations of Pyramid
into our existing facilities in January 2004. The acquisition of Pyramid was
accretive in 2003, even taking into account the transition costs, and we are
seeing even more benefit in 2004 as a result of increased revenues and
administrative savings.
"We are very happy with the early results of our roll out of the new
Senior Solutions program, which has spurred increased recruiting. The best
indicator is that sales of senior market products in Pennsylvania Life increased
36% over the first quarter of 2003. In the first quarter, we opened Senior
Solutions Service Centers in six new locations.
(more)
3
{PAGE}
ADMINISTRATIVE SERVICES
"CHCS Services, one of the country's leading senior market
third-party administrators, continued its important contribution to the
profitability and cash flow of our company. Revenues for the first quarter of
2004 increased by 9% to $14.0 million, as compared to those of the first quarter
of 2003, and operating income increased 23% to $3.2 million. Earnings before
interest, taxes, depreciation and amortization for the first quarter of 2004
increased 22% to $3.7 million, compared to the first quarter of 2003. The
pipeline for new business continues to be active, from both internal and
external sources, and we expect to see continued growth in this segment.
PENDING ACQUISITION OF HERITAGE HEALTH SYSTEMS, INC.
"We remain on track to close the acquisition of Heritage Health
Systems, Inc. in the second quarter. Heritage has continued to perform well
since the announcement of the transaction, and we remain excited about the
292370
|
UAF
As referenced in this Universal American Financial Corp. Reports Record First Quarter Results:
[UNIVERSAL AMERICAN FINANCIAL CORP – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}2
{FILENAME}jd5-7ex_99.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP . LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS RECORD
-------------------------------------------------
FIRST QUARTER RESULTS
---------------------
Rye Brook, NY - May 6, 2004 - UNIVERSAL AMERICAN FINANCIAL
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – EX-99
{SEQUENCE}2
{FILENAME}jd5-7ex_99.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP . REPORTS RECORD
-------------------------------------------------
FIRST QUARTER RESULTS
---------------------
Rye Brook, NY - May 6, 2004 - UNIVERSAL AMERICAN FINANCIAL CORP.
(NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS RECORD
-------------------------------------------------
FIRST QUARTER RESULTS
---------------------
Rye Brook, NY - May 6, 2004 - UNIVERSAL AMERICAN FINANCIAL CORP .
(NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today announced record
results for the first quarter ended March 31, 2004.
FIRST QUARTER 2004 COMPARED
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – its quarterly
earnings release. This supplemental financial data can be accessed at
www.uafc.com (under the heading "Investor Relations; Financial Reports").
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP .
Universal American Financial Corp. offers a portfolio of life and
health insurance products, primarily to the senior market, as well as third
_____________
Universal American Financial Corp – This supplemental financial data can be accessed at
www.uafc.com (under the heading "Investor Relations; Financial Reports").
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP.
Universal American Financial Corp . offers a portfolio of life and
health insurance products, primarily to the senior market, as well as third
party administrator services for
_____________
dt 231224
;
|
Heritage Health
As referenced in this Universal American Financial Corp. Reports Record First Quarter Results:
HERITAGE HEALTH SYSTEMS, INC – continues to be active, from both internal and
external sources, and we expect to see continued growth in this segment.
PENDING ACQUISITION OF HERITAGE HEALTH SYSTEMS, INC .
"We remain on track to close the acquisition of Heritage Health
Systems, Inc. in the second quarter. Heritage has continued to perform
_____________
Heritage Health
Systems, Inc – to see continued growth in this segment.
PENDING ACQUISITION OF HERITAGE HEALTH SYSTEMS, INC.
"We remain on track to close the acquisition of Heritage Health
Systems, Inc . in the second quarter. Heritage has continued to perform well
since the announcement of the transaction, and we remain excited about the
_____________
dt 263972
|
Preview
Full Doc
| 2004 |
Universal American Financial Corp. Reports Record Fourth Quarter Results
Universal American Financial Corp. Reports Record Fourth Quarter Results (32K)
Doc #292373: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}jd3-24ex99_1.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS
------------------------------------------
RECORD FOURTH QUARTER RESULTS
-----------------------------
Rye Brook, NY - February 19, 2004 - UNIVERSAL AMERICAN FINANCIAL
CORP. (NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today announced
record results for the fourth quarter and year ended December 31, 2003.
FOURTH QUARTER 2003
-------------------
o Net income increased 19% to $13.1 million, or $.23 per diluted share;
o Pre-tax income increased 36% to $20.5 million; and
o Return on equity was 17.5%.
FULL YEAR 2003
--------------
o Net income increased 43% to $43.1 million, or $.78 per diluted share;
o Pre-tax income increased 51% to $66.5 million; and
o Return on equity was 15.3%.
FOURTH QUARTER 2003 COMPARED TO FOURTH QUARTER 2002
Universal American reported net income of $13.1 million for the
fourth quarter of 2003, an increase of 19% over the $11.0 million for the fourth
quarter of 2002. We earned $.23 per diluted share, an increase of 15% compared
to $.20 per diluted share in the fourth quarter of 2002.
Net income for the fourth quarter of 2003 included:
o after tax realized investment gains of $.1 million, or $.00 per
diluted share.
Net income for the fourth quarter of 2002 included:
o after tax realized investment gains of $0.7 million, or $.01 per
diluted share; and
o a benefit of $1.6 million from the release of a portion of a tax
valuation reserve that added $.03 per diluted share.
(more)
{PAGE}
Direct and assumed premiums for the fourth quarter of 2003 increased
26% to $192.0 million, compared to the fourth quarter of 2002. Net premiums for
the fourth quarter increased 82% to 127.6 million, compared to the fourth
quarter of 2002.
FULL YEAR 2003 COMPARED TO FULL YEAR 2002
Universal American reported net income of $43.1 million for the full
year 2003, an increase of 43% over the $30.1 million for 2002. We earned $.78
per diluted share, a 39% increase over the $.56 per share in 2002.
Net income for 2003 included:
o after tax realized investment gains of $1.3 million, or $.02 per
diluted share; and
o a charge of $1.8 million, or $.02 per diluted share after tax,
relating to the expensing of unamortized deferred fees on the
loan that was repaid in order to finance the Pyramid acquisition.
Net income for 2002 included:
o after tax realized investment losses of $3.3 million, or $.06 per
diluted share; and
o a benefit from the release of a portion of a tax valuation
reserve that added $.03 per diluted share.
Direct and assumed premiums for the full year 2003 increased 23% to
$727.5 million, compared to the full year 2002. Net premiums for the full year
increased 68% to $447.0 million, compared to 2002.
BALANCE SHEET DATA
Shareholders' equity as of December 31, 2003 was $345.7 million, or
$6.41 per common share, compared to $286.8 million, or $5.42 per common share on
December 31, 2002. Excluding the effect of FAS 115 which includes the net
unrealized appreciation of the Company's investment portfolio, shareholders'
equity was $305.9 million and fully diluted book value per common share was
$5.55, a 16% increase over December 31, 2002. Since 1998, fully diluted book
value per share, excluding the effect of FAS 115, has grown at a compounded rate
of 17%. (see discussion of non-GAAP financial measures on page 9 of this press
release).
(more)
2
{PAGE}
During 2003, total assets grew 27% to approximately $1.8 billion,
largely as a result of the assets acquired in the Pyramid acquisition.
MANAGEMENT COMMENTS
Richard Barasch, chairman and CEO of Universal American, commented,
"Our outstanding results for the fourth quarter capped a terrific year for our
company. Our strategy for many years has been to grow steadily from operations
and to use our transaction capabilities opportunistically to augment our growth.
In 2003, our transaction activity was particularly successful, highlighted by
the acquisition and integration of Pyramid Life. This activity, in addition to
our solid organic growth, led to record revenues and earnings in all segments of
our business. For the full year 2003, we wrote $131 million of new business; in
the fourth quarter, after we integrated the new distribution forces that we
acquired earlier in the year, we wrote $37.6 million of new business, 36% higher
than in the comparable period in 2002. After taking into account our reduced use
of reinsurance, our new net retained business for the year 2003 was 42% higher
than 2002. We continue to be optimistic about our ability to sustain our target
internal growth rate, and we will continue to seek attractive acquisition
opportunities.
We began 2004 with a strong balance sheet and several available
sources of cash flow that we believe will enable us to support our continued
growth. We were particularly pleased with the increase in our return on equity
to just over 17.5% for the fourth quarter and 15.3% for the full year.
SENIOR MARKET BROKERAGE
"Our Senior Market Brokerage segment had an outstanding quarter and
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As referenced in this Universal American Financial Corp. Reports Record Fourth Quarter Results:
[UNIVERSAL AMERICAN FINANCIAL CORP – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}jd3-24ex99_1.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP . LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS
------------------------------------------
RECORD FOURTH QUARTER RESULTS
-----------------------------
Rye Brook, NY - February 19, 2004 - UNIVERSAL AMERICAN FINANCIAL
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – EX-99
{SEQUENCE}3
{FILENAME}jd3-24ex99_1.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP . REPORTS
------------------------------------------
RECORD FOURTH QUARTER RESULTS
-----------------------------
Rye Brook, NY - February 19, 2004 - UNIVERSAL AMERICAN FINANCIAL
CORP. (NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today
_____________
UNIVERSAL AMERICAN FINANCIAL
CORP – UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS
------------------------------------------
RECORD FOURTH QUARTER RESULTS
-----------------------------
Rye Brook, NY - February 19, 2004 - UNIVERSAL AMERICAN FINANCIAL
CORP . (NASDAQ NATIONAL MARKET: UHCO) ("Universal American") today announced
record results for the fourth quarter and year ended December 31, 2003.
FOURTH QUARTER
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – its quarterly
earnings release. This supplemental financial data can be accessed at
www.uafc.com (under the heading "Investor Relations; Financial Reports").
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP .
Universal American Financial Corp. offers a portfolio of life and
supplemental health insurance products, primarily to the senior market, as well
as
_____________
Universal American Financial Corp – This supplemental financial data can be accessed at
www.uafc.com (under the heading "Investor Relations; Financial Reports").
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP.
Universal American Financial Corp . offers a portfolio of life and
supplemental health insurance products, primarily to the senior market, as well
as third party administrator services
_____________
dt 231227
| |
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| 2004 |
Universal American Financial Corp. to Strengthen Senior Market Focus by Entering the Medicare Advantage Market With Planned Acquisition of Heritage Health Systems
Universal American Financial Corp. to Strengthen Senior Market Focus by Entering the Medicare Advantage Market With Planned Acquisition of Heritage Health Systems (6K)
Doc #292375: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}mv3-9ex99_1.txt
{DESCRIPTION}99.1
{TEXT}
Exhibit 99.1
UNIVERSAL AMERICAN
FINANCIAL CORP.
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. TO STRENGTHEN SENIOR
MARKET FOCUS BY ENTERING THE MEDICARE ADVANTAGE MARKET
WITH PLANNED ACQUISITION OF HERITAGE HEALTH SYSTEMS
RYE BROOK, N.Y., March 9, 2004 -- Universal American Financial Corp., (NASDAQ:
UHCO) ("Universal American"), announced today that it has signed a definitive
contract to acquire Heritage Health Systems, Inc. ("Heritage"), a privately
owned managed care company that operates Medicare Advantage plans in Houston and
Beaumont, Texas, for approximately $98 million in cash. The closing of the
acquisition is subject to regulatory approvals and other customary conditions,
and is expected to occur in the second quarter of 2004.
Founded in 1995, Heritage now has approximately 15,700 Medicare members with
annualized revenue of approximately $132 million, up from 14,150 members and
revenue of approximately $102 million in 2002. Management estimates that the
acquisition will be immediately accretive, adding approximately 5-7% to
earnings.
Universal American intends to finance this acquisition using approximately $34
million of cash on hand, with the balance coming from the proceeds of a senior
credit facility to be provided by Banc of America Securities LLC. In connection
with this refinancing, the Company will incur a second quarter non-cash
after-tax expense of approximately $1.1 million relating to the unamortized fees
on the current facility that will be replaced.
Richard A. Barasch, chairman and CEO of Universal American, commented, "We are
very excited about this acquisition since we have been actively seeking
appropriate entry points into the Medicare Advantage market to complement our
strength in the Medicare Supplement market. The acquisition of Heritage is ideal
to expand and strengthen our position in the senior market, allowing us to offer
a broad array of indemnity and managed care products."
(more)
{PAGE}
Universal American Financial Corp. Page 2
March 9, 2004
Mr. Barasch continued, "In 2003, the U.S. Congress enacted legislation that will
have a profound effect on the delivery of health insurance benefits to the
senior population. In addition to the highly publicized drug insurance program,
there are several provisions of the new legislation that encourage private
companies to offer improved programs through the Medicare Advantage program. As
we examined the potential effects of the legislation and our growing presence in
the senior market, we concluded that Universal American is well situated to
offer innovative Medicare Advantage programs in selected markets. Consequently,
we have filed applications for Medicare Advantage programs in two of our best
markets, New York and Pennsylvania, which we expect will be approved in the
second quarter. We also have been looking actively at other programs that will
enable us to leverage our strength in the senior market.
"The Heritage acquisition accelerates our entry to the Medicare Advantage market
and should prove to be another example of our ability to execute strategically
and financially accretive transactions. Heritage gives us a platform upon which
to build our other initiatives in the Medicare Advantage market. The Heritage
management team, who will continue to lead the organization, is highly skilled
in the senior managed care business, and the administrative infrastructure that
they have built will advance our ability to enter new markets in Texas and
elsewhere.
"Heritage has created a successful model that aligns the interests of the
provider community, especially the primary care and specialist physicians who
are committed to serving enrolled Medicare members, with the interests of the
health plan and its members. Significantly, Heritage was performing well prior
to the implementation of the new Medicare rate structure and we believe that
this model will have application in other selected markets."
Mr. Barasch concluded, "Texas is currently Universal American's second largest
state in terms of premium in force. The addition of Heritage's Medicare
Advantage program will enable us to offer a broader range of products through
our existing distribution. We expect that our Senior Solutions centers in Texas
will embrace the opportunity to enlarge their product line."
Banc of America Securities LLC acted as the exclusive financial advisor to
Universal American in this transaction.
(more)
{PAGE}
Universal American Financial Corp. Page 3
March 9, 2004
CONFERENCE CALL
Universal American will host a conference call at 11:00 am Eastern Time on
Wednesday, March 10, 2004 to discuss the acquisition of Heritage. Interested
parties may participate in the call by dialing 973-317-5319. Please call in 10
minutes before the scheduled time and ask for the Universal American call. This
conference call will also be webcast live over the Internet and can be accessed
at Universal American's website at www.uafc.com. To listen to the live call,
please go to the website at least 15 minutes early to download and install any
necessary audio software. If you are unable to listen live, the conference call
will be archived and can be accessed for approximately 60 days.
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP.
Universal American Financial Corp. offers a portfolio of supplemental life and
health insurance products, primarily to the senior market, as well as third
party administrator services for insurance and non-insurance programs in the
senior market. For more information on Universal American, please visit
www.uafc.com.
Except for the historical information contained above, this document may contain
forward looking statements which involve a number of risks and uncertainties
that could cause actual results to differ materially. These risk factors are
listed from time to time in the Company's SEC reports.
#### #### ####
CONTACT: -OR- INVESTOR RELATIONS COUNSEL:
Robert A. Waegelein The Equity Group Inc.
Executive Vice President & www.theequitygroup.com
Chief Financial Officer (914) 934-8820 Sarah Torres (212) 836-9611
Linda Latman (212) 836-9609
{/TEXT}
{/DOCUMENT}
292375
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UAF
As referenced in this Universal American Financial Corp. to Strengthen Senior Market Focus by Entering the Medicare Advantage Market With Planned Acquisition of Heritage Health Systems:
UNIVERSAL AMERICAN
FINANCIAL CORP – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}mv3-9ex99_1.txt
{DESCRIPTION}99.1
{TEXT}
Exhibit 99.1
UNIVERSAL AMERICAN
FINANCIAL CORP .
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP. TO STRENGTHEN SENIOR
MARKET FOCUS BY ENTERING THE MEDICARE ADVANTAGE MARKET
WITH PLANNED ACQUISITION OF
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – TYPE}EX-99
{SEQUENCE}3
{FILENAME}mv3-9ex99_1.txt
{DESCRIPTION}99.1
{TEXT}
Exhibit 99.1
UNIVERSAL AMERICAN
FINANCIAL CORP.
FOR IMMEDIATE RELEASE
---------------------
UNIVERSAL AMERICAN FINANCIAL CORP . TO STRENGTHEN SENIOR
MARKET FOCUS BY ENTERING THE MEDICARE ADVANTAGE MARKET
WITH PLANNED ACQUISITION OF HERITAGE HEALTH SYSTEMS
RYE BROOK, N.Y.,
_____________
Universal American Financial Corp – SENIOR
MARKET FOCUS BY ENTERING THE MEDICARE ADVANTAGE MARKET
WITH PLANNED ACQUISITION OF HERITAGE HEALTH SYSTEMS
RYE BROOK, N.Y., March 9, 2004 -- Universal American Financial Corp ., (NASDAQ:
UHCO) ("Universal American"), announced today that it has signed a definitive
contract to acquire Heritage Health Systems, Inc. ("Heritage"), a privately
_____________
Universal American Financial Corp – and strengthen our position in the senior market, allowing us to offer
a broad array of indemnity and managed care products."
(more)
{PAGE}
Universal American Financial Corp . Page 2
March 9, 2004
Mr. Barasch continued, "In 2003, the U.S. Congress enacted legislation that will
have a profound effect
_____________
Universal American Financial Corp – enlarge their product line."
Banc of America Securities LLC acted as the exclusive financial advisor to
Universal American in this transaction.
(more)
{PAGE}
Universal American Financial Corp . Page 3
March 9, 2004
CONFERENCE CALL
Universal American will host a conference call at 11:00 am Eastern Time on
Wednesday,
_____________
dt 231229
;
Heritage Health
As referenced in this Universal American Financial Corp. to Strengthen Senior Market Focus by Entering the Medicare Advantage Market With Planned Acquisition of Heritage Health Systems:
Heritage Health Systems, Inc – Y., March 9, 2004 -- Universal American Financial Corp., (NASDAQ:
UHCO) ("Universal American"), announced today that it has signed a definitive
contract to acquire Heritage Health Systems, Inc . ("Heritage"), a privately
owned managed care company that operates Medicare Advantage plans in Houston and
Beaumont, Texas, for approximately $98 million in
_____________
dt 263973
;
|
BofA Securities
As referenced in this Universal American Financial Corp. to Strengthen Senior Market Focus by Entering the Medicare Advantage Market With Planned Acquisition of Heritage Health Systems:
Banc of America Securities LLC – approximately $34
million of cash on hand, with the balance coming from the proceeds of a senior
credit facility to be provided by Banc of America Securities LLC . In connection
with this refinancing, the Company will incur a second quarter non-cash
after-tax expense of approximately $1.1 million
_____________
Banc of America Securities LLC – products through
our existing distribution. We expect that our Senior Solutions centers in Texas
will embrace the opportunity to enlarge their product line."
Banc of America Securities LLC acted as the exclusive financial advisor to
Universal American in this transaction.
(more)
{PAGE}
Universal American Financial Corp. Page 3
March 9,
_____________
dt 252040
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| Full Doc
| 2004 |
Universal American Financial Corp. Reports Record Fourth Quarter Results
Universal American Financial Corp. Reports Record Fourth Quarter Results (31K)
Doc #292377: This document is immediately available for purchase, but does not have a preview available for viewing.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}jd2-19ex99_1.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS
RECORD FOURTH QUARTER RESULTS
Rye Brook, NY - February 19, 2004 - Universal American Financial
Corp. (NASDAQ National Market: UHCO) ("Universal American") today announced
record results for the fourth quarter and year ended December 31, 2003.
Fourth Quarter 2003
-------------------
o Net income increased 19% to $13.1 million, or $.23 per diluted share;
o Pre-tax income increased 36% to $20.5 million; and
o Return on equity was 17.5%.
Full Year 2003
--------------
o Net income increased 43% to $43.1 million, or $.78 per diluted share;
o Pre-tax income increased 51% to $66.5 million; and
o Return on equity was 15.3%.
Fourth Quarter 2003 Compared to Fourth Quarter 2002
Universal American reported net income of $13.1 million for the
fourth quarter of 2003, an increase of 19% over the $11.0 million for the fourth
quarter of 2002. We earned $.23 per diluted share, an increase of 15% compared
to $.20 per diluted share in the fourth quarter of 2002.
Net income for the fourth quarter of 2003 included:
o after tax realized investment gains of $.1 million, or $.00 per
diluted share. Net income for the fourth quarter of 2002
included:
o after tax realized investment gains of $0.7 million, or $.01 per
diluted share; and
o a benefit of $1.6 million from the release of a portion of a tax
valuation reserve that added $.03 per diluted share.
{PAGE}
Direct and assumed premiums for the fourth quarter of 2003 increased
26% to $192.0 million, compared to the fourth quarter of 2002. Net premiums for
the fourth quarter increased 82% to 127.6 million, compared to the fourth
quarter of 2002.
Full Year 2003 Compared to Full Year 2002
Universal American reported net income of $43.1 million for the full
year 2003, an increase of 43% over the $30.1 million for 2002. We earned $.78
per diluted share, a 39% increase over the $.56 per share in 2002.
Net income for 2003 included:
o after tax realized investment gains of $1.3 million, or $.02 per
diluted share; and
o a charge of $1.8 million, or $.02 per diluted share after tax,
relating to the expensing of unamortized deferred fees on the
loan that was repaid in order to finance the Pyramid acquisition.
Net income for 2002 included:
o after tax realized investment losses of $3.3 million, or $.06 per
diluted share; and
o a benefit from the release of a portion of a tax valuation
reserve that added $.03 per diluted share.
Direct and assumed premiums for the full year 2003 increased 23% to
$727.5 million, compared to the full year 2002. Net premiums for the full year
increased 68% to $447.0 million, compared to 2002.
Balance Sheet Data
Shareholders' equity as of December 31, 2003 was $345.7 million, or
$6.41 per common share, compared to $286.8 million, or $5.42 per common share on
December 31, 2002. Excluding the effect of FAS 115 which includes the net
unrealized appreciation of the Company's investment portfolio, shareholders'
equity was $305.9 million and fully diluted book value per common share was
$5.55, a 16% increase over December 31, 2002. Since 1998, fully diluted book
value per share, excluding the effect of FAS 115, has grown at a compounded rate
of 17%. (see discussion of non-GAAP financial measures on page 9 of this press
release).
During 2003, total assets grew 27% to approximately $1.8 billion,
largely as a result of the assets acquired in the Pyramid acquisition.
Management Comments
Richard Barasch, chairman and CEO of Universal American, commented,
"Our outstanding results for the fourth quarter capped a terrific year for our
company. Our strategy for many years has been to grow steadily from operations
and to use our transaction capabilities opportunistically to augment our growth.
In 2003, our transaction activity was particularly successful, highlighted by
{PAGE}
the acquisition and integration of Pyramid Life. This activity, in addition to
our solid organic growth, led to record revenues and earnings in all segments of
our business. For the full year 2003, we wrote $131 million of new business; in
the fourth quarter, after we integrated the new distribution forces that we
acquired earlier in the year, we wrote $37.6 million of new business, 36% higher
than in the comparable period in 2002. After taking into account our reduced use
of reinsurance, our new net retained business for the year 2003 was 42% higher
than 2002. We continue to be optimistic about our ability to sustain our target
internal growth rate, and we will continue to seek attractive acquisition
opportunities.
We began 2004 with a strong balance sheet and several available
sources of cash flow that we believe will enable us to support our continued
growth. We were particularly pleased with the increase in our return on equity
to just over 17.5% for the fourth quarter and 15.3% for the full year.
Senior Market Brokerage
"Our Senior Market Brokerage segment had an outstanding quarter and
full year. Revenues rose by 57% to $70.5 million as compared to the fourth
quarter of 2002 and profits increased by 64% to $5.8 million. These increases
resulted from higher retention of new business and the recapture of a sizable in
force block of Medicare supplement business that had been previously reinsured.
These factors all helped offset the anticipated slowdown in new Medicare
Supplement sales. For the full year 2003, revenues rose by 52% to $251.3 million
292377
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As referenced in this Universal American Financial Corp. Reports Record Fourth Quarter Results:
[UNIVERSAL AMERICAN FINANCIAL CORP – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}jd2-19ex99_1.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP . LOGO]
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS
RECORD FOURTH QUARTER RESULTS
Rye Brook, NY - February 19, 2004 - Universal American Financial
Corp. (NASDAQ National
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – {DOCUMENT}
{TYPE}EX-99
{SEQUENCE}3
{FILENAME}jd2-19ex99_1.txt
{DESCRIPTION}99.1
{TEXT}
EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
UNIVERSAL AMERICAN FINANCIAL CORP . REPORTS
RECORD FOURTH QUARTER RESULTS
Rye Brook, NY - February 19, 2004 - Universal American Financial
Corp. (NASDAQ National Market: UHCO) ("Universal American") today
_____________
Universal American Financial
Corp – EXHIBIT 99.1
[UNIVERSAL AMERICAN FINANCIAL CORP. LOGO]
UNIVERSAL AMERICAN FINANCIAL CORP. REPORTS
RECORD FOURTH QUARTER RESULTS
Rye Brook, NY - February 19, 2004 - Universal American Financial
Corp . (NASDAQ National Market: UHCO) ("Universal American") today announced
record results for the fourth quarter and year ended December 31, 2003.
Fourth Quarter
_____________
Universal American Financial Corp – its quarterly
earnings release. This supplemental financial data can be accessed at
www.uafc.com (under the heading "Investor Relations; Financial Reports").
About Universal American Financial Corp .
Universal American Financial Corp. offers a portfolio of life and
supplemental health insurance products, primarily to the senior market, as well
as
_____________
Universal American Financial Corp – This supplemental financial data can be accessed at
www.uafc.com (under the heading "Investor Relations; Financial Reports").
About Universal American Financial Corp.
Universal American Financial Corp . offers a portfolio of life and
supplemental health insurance products, primarily to the senior market, as well
as third party administrator services
_____________
dt 231231
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Preview
Full Doc
| 2007 |
Universal American Financial Corp.
Universal American Financial Corp. (98K)
Doc #3019786: Click preview link for longer preview.
CERTIFICATE OF AMENDMENT
OF THE CERTIFICATE OF INCORPORATION OF
UNIVERSAL AMERICAN FINANCIAL CORP.
Under Section 805 of the Business Corporation Law
The undersigned (herein referred to as the �Corporation�), pursuant to the provisions of the Business Corporation Law of the State of New York, does hereby certify as follows:
1. The name of the Corporation is Universal American Financial Corp. The name under which the Corporation was formed is Universal Holding Corp.
2. . . .
3019786
|
UAF
As referenced in this Universal American Financial Corp.:
UNIVERSAL AMERICAN FINANCIAL CORP –
EX-3.(I)1 2 a07-22688_1ex3di1.htm EX-3.(I)1
Exhibit 3(i).1
CERTIFICATE OF AMENDMENT
OF THE CERTIFICATE OF INCORPORATION OF
UNIVERSAL AMERICAN FINANCIAL CORP .
Under Section 805 of the Business Corporation Law
The undersigned (herein referred to as the ?Corporation?), pursuant to the provisions of the Business Corporation Law of the State of
_____________
Universal American Financial Corp – as the ?Corporation?), pursuant to the provisions of the Business Corporation Law of the State of New York, does hereby certify as follows:
1. The name of the Corporation is Universal American Financial Corp . The name under which the Corporation was formed is Universal Holding Corp.
2. The Certificate of Incorporation of the Corporation was originally filed with the Department of State of
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – Left Blank]
27
IN WITNESS WHEREOF, the Corporation has caused this Certificate to be duly executed and acknowledged by the undersigned, thereunto duly authorized, this 23rd day of August, 2007.
UNIVERSAL AMERICAN FINANCIAL CORP .
By:
/s/ Robert A. Waegelein
Name:
Robert A. Waegelein
Title:
Executive Vice President and Chief Financial
Officer
Attest:
/s/ Richard A. Barasch
Richard A. Barasch
Chairman of the Corporation
_____________
dt 1843459
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| 2002 |
Ceres Group Announces Sale of Pyramid Life Insurance Company Company Names New CFO
Ceres Group Announces Sale of Pyramid Life Insurance Company Company Names New CFO (9K)
Doc #347178: Click preview link for longer preview.
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION:
MONDAY, DECEMBER 23, 2002 Gayle M. Vixler, Senior Vice President
Corporate Communications
(440) 572-8848
CERES GROUP ANNOUNCES SALE OF PYRAMID LIFE INSURANCE COMPANY
COMPANY NAMES NEW CFO
Cleveland, Ohio, December 23, 2002--Ceres Group, Inc. (NASDAQ: CERG) announced
today that it has entered into a definitive agreement to sell the stock of its
Pyramid Life Insurance Company subsidiary to a subsidiary of Universal American
Financial Corp. (NASDAQ: UHCO).
The company intends to use the net proceeds from the $56 million sale to
strengthen capital of its Continental General Insurance Company (CGI) subsidiary
and repay a portion of its bank debt. Immediately prior to closing, CGI will
purchase Pyramid Life's facility, personal property and retain most of Pyramid
Life's employees. Through an administrative services agreement during a
transition period, Ceres will continue to administer the business of Pyramid
Life, utilizing the current staff and maintaining the facility located in
Mission, Kansas. In addition, CGI's senior business will continue to be
administered in that facility.
"This sale is an important opportunity for Ceres for several reasons," said
Thomas J. Kilian, president and chief executive officer of Ceres. "The proceeds
from the transaction allow us to increase the capital base of CGI to fuel
further growth of our senior brokerage operations, and significantly strengthen
our balance sheet and financial position by reducing bank debt. In addition, we
347178
|
UAF
As referenced in this Ceres Group Announces Sale of Pyramid Life Insurance Company Company Names New CFO:
Universal American
Financial Corp – Ceres Group, Inc. (NASDAQ: CERG) announced
today that it has entered into a definitive agreement to sell the stock of its
Pyramid Life Insurance Company subsidiary to a subsidiary of Universal American
Financial Corp . (NASDAQ: UHCO).
The company intends to use the net proceeds from the $56 million sale to
strengthen capital of its Continental General Insurance Company (CGI) subsidiary
and repay a
_____________
UNIVERSAL AMERICAN FINANCIAL CORP – 15 minutes early to register, download and
install any necessary audio software. For those who cannot listen to the live
broadcast, a replay will be available after the call.
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP .
Universal American Financial Corp. offers a portfolio of supplemental life and
health insurance products, primarily to the senior market, as well as third
party administrator services for insurance and
_____________
Universal American Financial Corp – register, download and
install any necessary audio software. For those who cannot listen to the live
broadcast, a replay will be available after the call.
ABOUT UNIVERSAL AMERICAN FINANCIAL CORP.
Universal American Financial Corp . offers a portfolio of supplemental life and
health insurance products, primarily to the senior market, as well as third
party administrator services for insurance and non-insurance programs in
_____________
dt 730739
;
|
PFS
As referenced in this Ceres Group Announces Sale of Pyramid Life Insurance Company Company Names New CFO:
Pioneer Financial Services,
Inc – and consulted
with state insurance departments. Previously, Vickers was senior vice president
and chief financial officer for Amerin Corporation, a major financial guarantor
providing private mortgage insurance, as well as Pioneer Financial Services,
Inc ., a marketer and underwriter of life and health insurance, annuities and
medical management services. In addition, he was a senior manager in the
insurance division of Ernst & Young LLP.
_____________
dt 742097
|