Unionamerica Insurance Company Limited

Property and Casualty Reinsurance Company

In September 1993, III purchased Unionamerica Insurance Company Limited ("UA") from Continental Corp. UA, headquartered in London, was a leading reinsurance company of United States-based property and casualty risks. UA's core business was its casualty treaty book, which comprised over 70% of its total gross written premiums. Within the casualty treaty book, UA focused on professional indemnity, including medical malpractice and similar lines for lawyers, architects, engineers and accountants. In December 1995, UA completed a $65 million initial public offering. Subsequently, in December 1997, MMI Companies, Inc., a publicly traded Chicago-based insurance company, completed an exchange offer for all the outstanding stock of UA.