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Universal American Financial Corp. Names Jason Israel Chief Operating Officer of CHCS Services, Inc.RYE BROOK, N.Y., Aug 20, 2002 (BUSINESS WIRE) -- Universal American Financial Corp. (NASDAQ National Market: UHCO) ("Universal American") today announced that Jason J. Israel, (50), has been appointed Chief Operating Officer of its wholly-owned subsidiary, CHCS Services, Inc., ("CHCS"), a leading administrator of senior insurance and non-insurance products. Mr. Israel brings to CHCS an impressive background with over 28 years experience in the financial services industry with significant executive responsibility in creating, implementing and controlling all administrative and operational areas. Prior to joining Universal American, Mr. Israel was an insurance consultant specializing in operations, strategic planning, disaster recovery and reinsurance. Previously, he had a 13-year career with American Bankers Insurance Group, a $3 billion financial services company, holding positions of increasing seniority before being named as Executive Vice President, Administration and Information Technology in 1996. Mr. Israel also held senior audit positions at Price Waterhouse and S.D. Leidesdorf. A Certified Public Accountant, he holds a Bachelor of Science in Accounting from Syracuse University. Richard Barasch, Chairman and CEO of Universal American, stated, "Jason's experience in the financial services and insurance industries makes him an ideal choice to run the operations of CHCS. I am confident that his administrative expertise will be instrumental in guiding the Company in the years to come." Gary Jacobs, President of CHCS Services, stated, "Jason's impact will be felt immediately. His strong background and experience will greatly contribute to executing the vision of CHCS." About Universal American Financial Corp. and CHCS Services, Inc. Universal American Financial Corp. offers a portfolio of supplemental life and health insurance products, primarily to the senior market, as well as third-party administrator services for insurance and non-insurance programs in the senior market. For more information on Universal American, please visit our website at www.uafc.com . CHCS Services, Inc., a wholly-owned subsidiary of Universal American Financial Corp., is a full service third-party administrator for insured long term care and Medicare supplement programs. CHCS offers clients a seamless transition into the senior market through a complete menu of outsourcing solutions, advanced technology-based products and superior customer service. For more information please visit www.chcsservices.com . Except for the historical information contained above, this document may contain some forward looking statements, including statements related to 2002 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.
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