X0201 42003-12-1900001263813UNITED NATIONAL GROUP LTD UNGL0001273218BALL III RUSSELL C555 CROTON ROAD, SUITE 300KING OF PRUSSIAPA194061010Class A Common Shares2003-12-194J0325019.000017.0000A2487569.0000IBy TrustsSeries A Preferred Shares2003-12-194J03027568.000011.8250D2003-09-05Class A Common Shares3027568.00000IBy TrustsUnited National Group, Ltd. redeemed the Series A Preferred Shares at a price of $11.825 per share. Of this redemption price, $10.00 per share was paid in cash, and the remainder of $1.825 per share was paid in Class A Common Shares valued at $17.00 per share.The Series A Preferred Shares were convertible on a one-for-one basis into Class B Common Shares, which, in turn, were convertible on a one-for-one basis into Class A Common Shares.The Series A Preferred Shares were convertible into Class B Common Shares on September 5, 2005. The Class B Common Shares did not have an expiration date./s/ Russell C. Ball, III2003-12-19