X0201 3/A2003-12-152003-12-1500001263813UNITED NATIONAL GROUP LTD UNGL0001272074BRADLEY DAVID RC/O UNITED NATIONAL INSURANCE COMPANYTHREE BALA PLAZA EAST, SUITE 300BALA CYNWYDPA190040100CEOEmployee Stock Options17.00002003-12-152003-12-19Class A Common Shares33333.0000DEmployee Stock Options17.00002004-12-312013-12-19Class A Common Shares54166.0000DEmployee Stock Options17.00002004-12-312013-12-19Class A Common Shares112499.0000DRepresents the right to purchase up to 33,333 Class A Common Shares at an exercise price equal to the price of UNGL's initial public offering ("IPO"). The option will become exercisable upon the pricing of UNGL's IPO and will expire on the earlier to occur of (i) the consummation of UNGL's IPO and (ii) February 29, 2004.Represents the right to purchase up to 54,166 Class A Common Shares at an exercise price equal to the price of UNGL's IPO. The option becomes exercisable in five equal annual installments commencing on December 31, 2004. The number of shares purchasable upon exercise of the option is contingent upon the reporting person exercising the option described in footnote 1 in full and will be proportionately reduced if such option is only exercised in part.Represents the right to purchase up to 112,499 Class A Common Shares at an exercise price equal to the price of UNGL's IPO. The option becomes exercisable in four equal annual installments based on UNGL's satisfaction of certain specified performance criteria for each of the fiscal years ending December 31, 2004, December 31, 2005, December 31, 2006 and December 31, 2007. The number of shares purchasable upon exercise of the option is contingent upon the reporting person exercising the option described in footnote 1 in full and will be proportionately reduced if such option is only exercised in part./s/ David R. Bradley2003-12-19