APPLIED UNDERWRITERS APPOINTS CLAY COX AS EXECUTIVE VICE PRESIDENT

SAN FRANCISCO, CA - May 24, 2004 - Applied Underwriters, the industry leader in integrated workers' compensation solutions, announced today the appointment of Clay Cox to Executive Vice President.

Mr. Cox's promotion to Executive Vice President coincides with continued growth of the company's operations and increasing demand for the company's products. Mr. Cox's responsibilities will include the oversight of most of the operations at Applied Underwriters. "Clay's proven operational and management skills will help sustain the company's continued growth and position as a financial leader. We are very pleased with Clay's appointment," said Steve Menzies, President and COO of Applied Underwriters. With thousands of loyal customers and unprecedented growth, the appointment of Mr. Cox is strategic to Applied Underwriters' expansion.

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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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