Wednesday August 23, 10:25 am Eastern Time

Press Release

Universal American Financial Corp. Named as Only Insurance Company in Fortune Magazine's List of America's 100 Fastest-Growing Companies

RYE BROOK, N.Y.--(BUSINESS WIRE)--Aug. 23, 2000--Universal American Financial Corp. (NASDAQ National Market: UHCO - news; ``Universal'') today announced that it has been recognized by Fortune magazine as one of ``America's 100 Fastest-Growing Companies.'' Universal ranked no. 58 out of 100 companies chosen for this year's list and was the only insurance company represented. The list is available now at www.fortune.com and in the September 4th issue of Fortune.

According to Fortune, ranked companies must have demonstrated, among other things, a 30% annual growth rate in both revenue and earnings per share for the past three years. Universal produced a three-year annual earnings per share growth rate of 154% for this period (no. 12 ranking) on a three-year annual revenue growth rate of 35% (no. 92 ranking). Universal's total stock market return over the past three years was 29% (no. 68 ranking).

Richard Barasch, Chairman and CEO of Universal, commented, ``We are honored to be included in such a prestigious list of rapidly growing companies. Over the past few years, our management team, agents and employees have worked diligently to make Universal one of the industry's fastest growing providers of supplemental health and life insurance.''

Except for the historical information contained above, this document may contain some forward looking statements, including statements related to 2000 and 2001 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:

     Universal American Financial Corp.
     Robert A. Waegelein
     Senior Vice President &
     Chief Financial Officer
     (914) 934-8820
     or
 
INVESTOR RELATIONS COUNSEL:
     The Equity Group Inc.
     www.theequitygroup.com
     Devin Sullivan
     (212) 836-9608