Universal American Financial Corp. Prices Equity Offering   7/13/01

Universal American Financial Corp. Prices Equity Offering
RYE BROOK, N.Y.--(BUSINESS WIRE)--July 13, 2001--Universal American Financial Corp. (NASDAQ National Market: UHCO) (``Universal'') announced today the pricing of its secondary public offering of a total of 7,200,000 shares of its common stock at a price of $5.00 per share.

Of the shares, 5,000,000 shares are being offered by Universal and 2,200,000 shares are being offered by selling shareholders. Universal will receive approximately $22.7 million in net proceeds from the offering which will be used for investment in capital in its insurance company subsidiaries, for financing possible future acquisitions and for working capital. Universal will not receive any proceeds from the sale of shares by the selling shareholders.

Banc of America Securities LLC and Raymond James & Associates, Inc. are the representatives of the underwriters of the offering. Universal and certain of the selling shareholders have each granted the underwriters an option to purchase up to an additional 720,000 and 30,000 shares, respectively, of common stock solely to cover any over-allotments.

A copy of the final prospectus relating to the offering may be obtained from Banc of America Securities LLC by contacting Frederick F. Horn, Jr. at (212) 847-5976.

Universal American Financial Corp. offers a portfolio of supplemental life and health products, primarily to the senior market, as well as administrative services for insurance and non-insurance programs in the senior market.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

The statements in this press release and oral statements made by representatives of Universal relating to matters that are not historical facts (including without limitation those regarding the offering described in this press release) are forward-looking statements that involve risks and uncertainties, including, but not limited to, market conditions that could effect the size and timing of the offering described in this press release and other risks and uncertainties detailed in Universal's Securities and Exchange Commission filings.


Universal American Financial Corp.
Robert A. Waegelein



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