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<P align="center" style="font-size: 10pt">As filed with the Securities and Exchange Commission on February&nbsp;4, 2005



<P align="right" style="font-size: 10pt">Registration No.&nbsp;333-________
<P>



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<DIV align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="36%" align="center" color="#000000">


<DIV align="center" style="font-size: 18pt"><B>FORM S-8</B></DIV>


<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></DIV>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="36%" align="center" color="#000000"></DIV>


<DIV align="center" style="font-size: 24pt"><B>United America Indemnity, Ltd.</B></DIV>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<P>
<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="36%" align="center" color="#000000"></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Cayman Islands</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0417107</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>Walker House<BR>
87 Mary Street<BR>
P.O. Box 908GT<BR>
George Town, Grand Cayman<BR>
(345)&nbsp;807-9060</B><BR>
(Address of principal executive offices) (Zip code)


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="36%" align="center" color="#000000">


<DIV align="center" style="font-size: 10pt">Penn-America Group, Inc. 2002 Stock Incentive Plan<BR>
(Full title of the plan)</DIV>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="36%" align="center" color="#000000">


<DIV align="center" style="font-size: 10pt"><B>NRAI, Inc.</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>P.O. Box 927<BR>
West Windsor, New Jersey 08550<BR>
(609)&nbsp;716-0300</B></DIV>


<DIV align="center" style="font-size: 10pt">(Name, address, including zip code, and telephone number, including area code, of agent for service)</DIV>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="36%" align="center" color="#000000">


<DIV align="center" style="font-size: 10pt">Copies to:</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="58%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard March, Esq.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daniel E. Wolf, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United America Indemnity, Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Skadden, Arps, Slate, Meagher &#038; Flom LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Three Bala Plaza, Suite&nbsp;300
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Four Times Square</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bala Cynwyd, PA 19004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10036</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(610) 664-1500
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(212) 735-3000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Facsimile: (610)&nbsp;660-8882
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile (212)&nbsp;735-2000</TD>
</TR>
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</DIV>

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<P align="left" style="font-size: 10pt">This Form&nbsp;S-8 is registering 183,211 United America Indemnity, Ltd. (&#147;United America Indemnity&#148;)
Class&nbsp;A common shares, $0.0001 par value per share, representing the number of Class&nbsp;A common
shares to be issued upon the exercise of options outstanding under the Penn-America Group, Inc.
2002 Stock Incentive Plan after giving effect to the option conversion ratio used in connection
with the merger of a subsidiary of United America Indemnity and Penn-America Group, Inc. of 0.8997
of a Class&nbsp;A common share for each share of Penn-America common stock underlying such options.



<P align="left" style="font-size: 10pt">The registrant previously registered 183,211 Class&nbsp;A common shares on Form&nbsp;S-4, Registration
Statement No.&nbsp;333-120790; $369.65 was previously paid in connection with the filing of Registration
Statement No.&nbsp;333-120790.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="w05452s8exv4w1.txt">AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION OF UNITED AMERICA INDEMNITY, LTD.</A></TD></TR>
<TR><TD colspan="9"><A HREF="w05452s8exv5.txt">OPINION AND CONSENT OF WALKERS (CAYMENT ISLAND COUNSEL).</A></TD></TR>
<TR><TD colspan="9"><A HREF="w05452s8exv23w1.txt">CONSENT OF PRICEWATERHOUSECOOPERS LLP.</A></TD></TR>
</TABLE>
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<P align="center" style="font-size: 10pt"><B>EXPLANATORY NOTE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;24, 2005, a subsidiary of United America Indemnity, Ltd. (the &#147;Company&#148; or the
&#147;Registrant&#148;) completed a merger with Penn-America Group, Inc. (&#147;Penn-America&#148;) on the terms and
conditions set forth in the Agreement and Plan of Merger, dated as of October&nbsp;14, 2004, by and
among Penn-America, the Company and Cheltenham Acquisition Corp. (the &#147;Merger Agreement&#148;). Pursuant
to the merger, Penn-America became an indirect, wholly owned subsidiary of the Company. Pursuant to
the terms of the Merger Agreement, the Company agreed to assume outstanding options to purchase an
aggregate of 203,635 shares of Penn-America common stock. As of the effective time of the merger,
these options were converted automatically into options to purchase an aggregate of 183,211 of the
Company&#146;s Class&nbsp;A common shares (after applying the option conversion ratio of 0.8997 of a Class&nbsp;A
common share for each share of Penn-America common stock underlying such options).



<P align="center" style="font-size: 10pt"><B>PART I</B>


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<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The document(s) containing the information specified in Part&nbsp;I of Form S-8 will be sent or
given to employees and/or directors of the Company as specified by Rule&nbsp;428(b)(1) of the Securities
Act of 1933, as amended (the &#147;Securities Act&#148;). In accordance with the instructions of Part&nbsp;I of
Form S-8, such documents will not be filed with the Securities Exchange Commission (the &#147;SEC&#148;)
either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant
to Rule&nbsp;424 of the Securities Act. These documents and the documents incorporated by reference in
this Registration Statement pursuant to Item&nbsp;3 of Part&nbsp;II of this Registration Statement, taken
together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities
Act.



<P align="center" style="font-size: 10pt"><B>PART II</B>


<!-- link1 "PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>


<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>



<P align="left" style="font-size: 10pt">The following documents are incorporated by reference herein:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>Our Annual Report on Form 10-K for the period ending on December&nbsp;31, 2003, filed with the SEC
on March&nbsp;30, 2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Our Quarterly Reports on Form 10-Q for the periods ending on March&nbsp;31, 2004, June&nbsp;30, 2004
and September&nbsp;30, 2004, as filed with the SEC on May&nbsp;17, 2004, August&nbsp;16, 2004 and November
12, 2004, respectively.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>Our Current Reports on Form 8-K as filed with the SEC on October&nbsp;15, 2004, January&nbsp;4, 2005,
January&nbsp;11, 2005 and January&nbsp;27, 2005.</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD>The description of the Registrant&#146;s Class&nbsp;A common shares contained in the Registrant&#146;s
Registration Statement on Form 8-A filed with the Securities and
Exchange Commission on December&nbsp;15, 2003 (No.&nbsp;000-50511), which incorporates by reference
the description of the Registrant&#146;s Class&nbsp;A common shares set forth under &#147;Description of
Share Capital&#148; in the Registrant&#146;s prospectus filed with the Securities and Exchange
Commission on December&nbsp;16, 2003 pursuant to Rule 424(b) of the Securities Act.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Exchange Act of 1934, as amended (&#147;Exchange Act&#148;), subsequent to the effective date of this
Registration Statement, prior to the filing of a post-effective amendment to this Registration
Statement indicating that all securities offered hereby have been sold or deregistering all
securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be
part hereof from the date of filing of such documents. Any statement contained herein or in any
document incorporated or deemed to be incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein or in any other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed to constitute a part of this Registration Statement,
except as so modified or superseded.

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<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Amended and Restated Articles of Association for the Registrant require the
indemnification of its directors and officers against liabilities they may incur while discharging
the duty of their offices (as well as advancement of expenses to defend claims in connection
therewith).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has also entered into indemnification agreements with its directors and
officers, under which the Registrant agreed to indemnify its directors and officers to the fullest
extent permitted by law, including indemnification against expenses and liabilities incurred in
legal proceedings to which the director or officer was, or is threatened to be made, a party by
reason of the fact that the director or officer is or was its director, officer, employee or agent,
provided that the director or officer acted in good faith and in a manner that the director or
officer reasonably believed to be in, or not opposed to, the Registrant&#146;s best interest.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands law does not limit the extent to which a company may indemnify its directors,
officers, employees and agents, except to the extent that any such provision maybe held by the
Cayman Islands courts to be contrary to public policy. For instance, a


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">provision purporting to
provide indemnification against civil fraud or the consequences of committing a crime may be deemed
contrary to public policy. In addition, an officer or director may not be indemnified for his own
fraud, willful neglect or willful default.


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<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Memorandum and Articles of Association of
United America Indemnity, Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion and Consent of Walkers (Cayman Islands counsel).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP, independent registered
public accounting firm.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Walkers (Cayman Islands counsel) is contained in
its opinion filed as exhibit 5 hereto.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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<DIV align="left"><A NAME="008"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned Registrant hereby undertakes:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date
of this registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in this registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 20% change in the maximum aggregate offering price set forth
in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement;



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not
previously disclosed in this registration statement or any material change to such
information in this registration statement;


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:5%; font-size: 10pt">provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is on Form S-3, Form S-8 or Form F-3, and the information required
to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the
Registrant pursuant to Section&nbsp;13 or 15(d) of the Exchange Act that are incorporated by
reference in this registration statement.



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.



<P align="left" style="margin-left:5%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this
registration statement shall be deemed to be a new registration statement relating to the
securities offered herein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the George Town, Grand Cayman, Cayman Islands on this 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of
February&nbsp;2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>UNITED AMERICA INDEMNITY, LTD.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 2px solid #000000" align="left">/s/ David R. Bradley
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top" colspan="2">Name:&nbsp;&nbsp;</TD>
    <TD align="left">David R. Bradley&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top" colspan="2">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>



<P align="left" style="font-size: 10pt">KNOW ALL PERSONS BY THESE PRESENTS:




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That each person whose signature appears below constitutes and appoints David R. Bradley, as
such person&#146;s true and lawful attorney-in-fact and agent, with full power of substitution and
resubstitution, for such person and in such person&#146;s name, place and stead, in any and all
capacities, to sign any and all amendments (including post-effective amendments) to this
Registration Statement, and to file same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agent full power and authority to do and perform each and every act and thing
requisite and necessary to be done in connection therewith, as fully to all intents and purposes as
such person might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or any of them, or their or his substitutes, may lawfully do or cause
to be done by virtue thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed below by the following persons on behalf of the Registrant and in the capacities and on the
dates indicated:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 2px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 2px solid #000000"><B>Title</B></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top"> &nbsp; &nbsp;/s/ Saul A. Fox
<HR size="1" noshade color="#000000">
Saul A. Fox</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman and Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"> &nbsp; &nbsp;/s/ David R. Bradley
<HR size="1" noshade color="#000000">
David R. Bradley</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Executive Officer and Director, (Principal
Executive Officer)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 2px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 2px solid #000000"><B>Title</B></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"> &nbsp; &nbsp;/s/ Troy W. Thacker
<HR size="1" noshade color="#000000">
Troy W. Thacker</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Vice Chairman and Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"> &nbsp; &nbsp;/s/ Kevin L. Tate
<HR size="1" noshade color="#000000">
Kevin L. Tate</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Principal Financial and Accounting Officer</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"> &nbsp; &nbsp;/s/ Russell C. Ball, III
<HR size="1" noshade color="#000000">
Russell C. Ball, III</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"> &nbsp; &nbsp;/s/ Stephen A. Cozen
<HR size="1" noshade color="#000000">
Stephen A. Cozen</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"> &nbsp; &nbsp;/s/ Angelos J. Dassios
<HR size="1" noshade color="#000000">
Angelos J. Dassios</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"> &nbsp; &nbsp;/s/ John J. Hendrickson
<HR size="1" noshade color="#000000">
John J. Hendrickson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"> &nbsp; &nbsp;/s/ Michael J. McDonough
<HR size="1" noshade color="#000000">
Michael J. McDonough</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"> &nbsp; &nbsp;/s/ Edward J. Noonan
<HR size="1" noshade color="#000000">
Edward J. Noonan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"> &nbsp; &nbsp;/s/ W. Dexter Paine, III
<HR size="1" noshade color="#000000">
W. Dexter Paine, III</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top"> &nbsp; &nbsp;/s/ Kenneth J. Singleton
<HR size="1" noshade color="#000000">
Kenneth J. Singleton</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 2px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 2px solid #000000"><B>Description</B></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Memorandum and Articles of Association of
United America Indemnity, Ltd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion and Consent of Walkers (Cayman Islands counsel).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP, independent registered
public accounting firm.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Walkers (Cayman Islands counsel) is contained in
its opinion filed as exhibit 5 hereto.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on February 4, 2005
Registration No. 333-________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
United America Indemnity, Ltd.
(Exact name of registrant as specified in its charter)
Cayman Islands
98-0417107
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
Walker House
87 Mary Street
P.O. Box 908GT
George Town, Grand Cayman
(345) 807-9060
(Address of principal executive offices) (Zip code)
Penn-America Group, Inc. 2002 Stock Incentive Plan
(Full title of the plan)
NRAI, Inc.
P.O. Box 927
West Windsor, New Jersey 08550
(609) 716-0300
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Richard March, Esq.
Daniel E. Wolf, Esq.
United America Indemnity, Ltd.
Skadden, Arps, Slate, Meagher & Flom LLP
Three Bala Plaza, Suite 300
Four Times Square
Bala Cynwyd, PA 19004
New York, NY 10036
(610) 664-1500
(212) 735-3000
Facsimile: (610) 660-8882
Facsimile (212) 735-2000
This Form S-8 is registering 183,211 United America Indemnity, Ltd. ("United America Indemnity")
Class A common shares, $0.0001 par value per share, representing the number of Class A common
shares to be issued upon the exercise of options outstanding under the Penn-America Group, Inc.
2002 Stock Incentive Plan after giving effect to the option conversion ratio used in connection
with the merger of a subsidiary of United America Indemnity and Penn-America Group, Inc. of 0.8997
of a Class A common share for each share of Penn-America common stock underlying such options.
The registrant previously registered 183,211 Class A common shares on Form S-4, Registration
Statement No. 333-120790; $369.65 was previously paid in connection with the filing of Registration
Statement No. 333-120790.
TABLE OF CONTENTS
PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
EXHIBIT INDEX
AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION OF UNITED AMERICA INDEMNITY, LTD.
OPINION AND CONSENT OF WALKERS (CAYMENT ISLAND COUNSEL).
CONSENT OF PRICEWATERHOUSECOOPERS LLP.
Table of Contents
EXPLANATORY NOTE
On January 24, 2005, a subsidiary of United America Indemnity, Ltd. (the "Company" or the
"Registrant") completed a merger with Penn-America Group, Inc. ("Penn-America") on the terms and
conditions set forth in the Agreement and Plan of Merger, dated as of October 14, 2004, by and
among Penn-America, the Company and Cheltenham Acquisition Corp. (the "Merger Agreement"). Pursuant
to the merger, Penn-America became an indirect, wholly owned subsidiary of the Company. Pursuant to
the terms of the Merger Agreement, the Company agreed to assume outstanding options to purchase an
aggregate of 203,635 shares of Penn-America common stock. As of the effective time of the merger,
these options were converted automatically into options to purchase an aggregate of 183,211 of the
Company's Class A common shares (after applying the option conversion ratio of 0.8997 of a Class A
common share for each share of Penn-America common stock underlying such options).
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The document(s) containing the information specified in Part I of Form S-8 will be sent or
given to employees and/or directors of the Company as specified by Rule 428(b)(1) of the Securities
Act of 1933, as amended (the "Securities Act"). In accordance with the instructions of Part I of
Form S-8, such documents will not be filed with the Securities Exchange Commission (the "SEC")
either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant
to Rule 424 of the Securities Act. These documents and the documents incorporated by reference in
this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken
together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities
Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents are incorporated by reference herein:
(a)
Our Annual Report on Form 10-K for the period ending on December 31, 2003, filed with the SEC
on March 30, 2004.
(b)
Our Quarterly Reports on Form 10-Q for the periods ending on March 31, 2004, June 30, 2004
and September 30, 2004, as filed with the SEC on May 17, 2004, August 16, 2004 and November
12, 2004, respectively.
(c)
Our Current Reports on Form 8-K as filed with the SEC on October 15, 2004, January 4, 2005,
January 11, 2005 and January 27, 2005.
Table of Contents
(d)
The description of the Registrant's Class A common shares contained in the Registrant's
Registration Statement on Form 8-A filed with the Securities and
Exchange Commission on December 15, 2003 (No. 000-50511), which incorporates by reference
the description of the Registrant's Class A common shares set forth under "Description of
Share Capital" in the Registrant's prospectus filed with the Securities and Exchange
Commission on December 16, 2003 pursuant to Rule 424(b) of the Securities Act.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act of 1934, as amended ("Exchange Act"), subsequent to the effective date of this
Registration Statement, prior to the filing of a post-effective amendment to this Registration
Statement indicating that all securities offered hereby have been sold or deregistering all
securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be
part hereof from the date of filing of such documents. Any statement contained herein or in any
document incorporated or deemed to be incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein or in any other subsequently filed document which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed to constitute a part of this Registration Statement,
except as so modified or superseded.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
The Amended and Restated Articles of Association for the Registrant require the
indemnification of its directors and officers against liabilities they may incur while discharging
the duty of their offices (as well as advancement of expenses to defend claims in connection
therewith).
The Registrant has also entered into indemnification agreements with its directors and
officers, under which the Registrant agreed to indemnify its directors and officers to the fullest
extent permitted by law, including indemnification against expenses and liabilities incurred in
legal proceedings to which the director or officer was, or is threatened to be made, a party by
reason of the fact that the director or officer is or was its director, officer, employee or agent,
provided that the director or officer acted in good faith and in a manner that the director or
officer reasonably believed to be in, or not opposed to, the Registrant's best interest.
Cayman Islands law does not limit the extent to which a company may indemnify its directors,
officers, employees and agents, except to the extent that any such provision maybe held by the
Cayman Islands courts to be contrary to public policy. For instance, a
Table of Contents
provision purporting to
provide indemnification against civil fraud or the consequences of committing a crime may be deemed
contrary to public policy. In addition, an officer or director may not be indemnified for his own
fraud, willful neglect or willful default.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
Exhibit No.
Description
4.1
Amended and Restated Memorandum and Articles of Association of
United America Indemnity, Ltd.
5
Opinion and Consent of Walkers (Cayman Islands counsel).
23.1
Consent of PricewaterhouseCoopers LLP, independent registered
public accounting firm.
23.2
Consent of Walkers (Cayman Islands counsel) is contained in
its opinion filed as exhibit 5 hereto.
24
Power of Attorney (included on signature page).
Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date
of this registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in this registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 20% change in the maximum aggregate offering price set forth
in the "Calculation of Registration Fee" table in the effective registration statement;
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in this registration statement or any material change to such
information in this registration statement;
Table of Contents
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is on Form S-3, Form S-8 or Form F-3, and the information required
to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the
Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by
reference in this registration statement.
(2) That, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this
registration statement shall be deemed to be a new registration statement relating to the
securities offered herein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the George Town, Grand Cayman, Cayman Islands on this 4
th
day of
February 2005.
UNITED AMERICA INDEMNITY, LTD.
By:
/s/ David R. Bradley
Name:
David R. Bradley
Title:
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS:
That each person whose signature appears below constitutes and appoints David R. Bradley, as
such person's true and lawful attorney-in-fact and agent, with full power of substitution and
resubstitution, for such person and in such person's name, place and stead, in any and all
capacities, to sign any and all amendments (including post-effective amendments) to this
Registration Statement, and to file same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agent full power and authority to do and perform each and every act and thing
requisite and necessary to be done in connection therewith, as fully to all intents and purposes as
such person might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or any of them, or their or his substitutes, may lawfully do or cause
to be done by virtue thereof.
Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed below by the following persons on behalf of the Registrant and in the capacities and on the
dates indicated:
Signature
Title
/s/ Saul A. Fox
Saul A. Fox
Chairman and Director
/s/ David R. Bradley
David R. Bradley
Chief Executive Officer and Director, (Principal
Executive Officer)
Table of Contents
Signature
Title
/s/ Troy W. Thacker
Troy W. Thacker
Vice Chairman and Director
/s/ Kevin L. Tate
Kevin L. Tate
Principal Financial and Accounting Officer
/s/ Russell C. Ball, III
Russell C. Ball, III
Director
/s/ Stephen A. Cozen
Stephen A. Cozen
Director
/s/ Angelos J. Dassios
Angelos J. Dassios
Director
/s/ John J. Hendrickson
John J. Hendrickson
Director
/s/ Michael J. McDonough
Michael J. McDonough
Director
/s/ Edward J. Noonan
Edward J. Noonan
Director
/s/ W. Dexter Paine, III
W. Dexter Paine, III
Director
/s/ Kenneth J. Singleton
Kenneth J. Singleton
Director
Table of Contents
EXHIBIT INDEX
Exhibit No.
Description
4.1
Amended and Restated Memorandum and Articles of Association of
United America Indemnity, Ltd.
5
Opinion and Consent of Walkers (Cayman Islands counsel).
23.1
Consent of PricewaterhouseCoopers LLP, independent registered
public accounting firm.
23.2
Consent of Walkers (Cayman Islands counsel) is contained in
its opinion filed as exhibit 5 hereto.
24
Power of Attorney (included on signature page).