APPLIED UNDERWRITERS ESTABLISHES CORPORATE UNIVERSITY AND PROMOTES ERICK DRAGSTEN TO GENERAL MANAGER OF CORPORATE TRAINING AND DEVELOPMENT

OMAHA, NE - February 18, 2004 - As part of its ongoing commitment to employee training, Applied Underwriters has announced the formation of its new Corporate University. Due to launch in March at the company’s Omaha main operations center, the Corporate University will help Applied provide ongoing company-wide training and prepare staff to meet the company’s needs now and in the future.

Applied Underwriters also announced the promotion of Erick Dragsten to the position of General Manager of Corporate Training and Development. Dragsten has been with the company in the corporate training department for three years. In his new position, Dragsten will oversee all aspects of the Corporate University, which will include higher levels of training for employees in all corporate locations. “We want to create a learning culture at Applied where training is more than just eight hours you sit through before starting a job. We want the company to remain vibrant and grow successfully, so we have to make sure our staff can continue to perform in a dynamic environment,” stated Dragsten.

The Corporate University provides training beyond the minimum four-to-six weeks of off-the-job training that all new hires already receive. New curricula include continuing education at all levels plus senior management courses. Three levels of leadership development training will be incorporated into the Corporate University as well, so that participants receive a curriculum suited for their current level of managerial responsibility.

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Applied Underwriters is a premier workers’ compensation and financial services company. The company’s three products - SolutionOne®, EquityComp™, 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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