Universal American Financial Corporation

Senior Market Health Provider

CZFS invested in Universal American (NASDAQ: UHCO) in July 1999 in conjunction with the company's acquisition of the Career Sales Division from PennCorp Financial Group. Universal markets a broad array of health insurance and managed care products and services to the growing senior population. Its principal products for the senior market are Medicare Part D, Medicare Supplement and Medicare Advantage. These products are distributed through a career agency system and an independent general agency system. The company also provides administrative services for senior market insurance and non-insurance programs to both affiliated and unaffiliated insurance companies.