February 1, 2005



Seth D Freudberg
United National Group, Ltd.
Walker House 87 Mary Street
P.O. Box 9086GT
George Town, Grand Gayman


RE:        Schedule 13G


Enclosed pursuant to Rule 13d-1(b) under the Securities Exchange Act of 1934 is
a report on Schedule 13G reporting beneficial ownership at December 31, 2004 by
American Express Financial Corporation in Common Stock of United National Group,
Ltd.


Sincerely,


/s/ Steve Turbenson
----------------------------------
    Steve Turbenson
    Director - Fund Administration


Enclosure




                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                  SCHEDULE 13G


                  Under the Securities and Exchange Act of 1934



                           United National Group, Ltd.
--------------------------------------------------------------------------------
                                (Name of Issuer)



                                  Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)



                                    91103X102
--------------------------------------------------------------------------------
                                 (CUSIP Number)


The information required in the remainder of this cover page (except any items
to which the form provides a cross-reference) shall not be deemed to be "filed"
for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or
otherwise subject to the liabilities of that section of the Act but shall be
subject to all other provisions of the Act.





                               CUSIP NO. 91103X102


1)     Name of Reporting Person             American Express 
                                            Financial Corporation

       S.S. or I.R.S. Identification 
       No. of Above Person                  IRS No. 13-3180631

--------------------------------------------------------------------------------

2)     Check the Appropriate Box            (a) 
       if a Member of a Group               (b) X - Joint Filing

--------------------------------------------------------------------------------

3)     SEC Use Only

--------------------------------------------------------------------------------

4)     Citizenship or Place of Organization Delaware

       NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
       
       (5) Sole Voting Power                -0-              
       ---------------------                -----------
       (6) Shared Voting Power              391,877    
       -----------------------              -----------
       (7) Sole Dispositive Power           -0-        
       --------------------------           -----------
       (8) Shared Dispositive Power         864,977    
       ----------------------------         -----------

--------------------------------------------------------------------------------

9)     Aggregate Amount Beneficially
       Owned by Each Reporting Person       864,977

--------------------------------------------------------------------------------

10)    Check if the Aggregate Amount in
       Row (9) Excludes Certain Shares      Not Applicable

--------------------------------------------------------------------------------

11)    Percent of Class Represented by
       Amount In Row (9)                    5.6%

--------------------------------------------------------------------------------

12)    Type of Reporting Person             CO, IA, IV, IA

--------------------------------------------------------------------------------






1(a)   Name of Issuer:                      United National Group, Ltd.

1(b)   Address of Issuer's Principal        Walker House 87 Mary Street 
       Executive Offices:                   P.O. Box 9086GT
                                            George Town, Grand Gayman

2(a)   Name of Person Filing:               American Express 
                                            Financial Corporation

2(b)   Address of Principal Business Office:
                                            American Express 
                                            Financial Corporation
                                            200 AXP Financial Center
                                            Minneapolis, MN  55474

2(c)   Citizenship:                         See Item 4 of Cover Page

2(d)   Title of Class of Securities:        Common Stock

2(e)   Cusip Number:                        91103X102

3      Information if statement is filed pursuant to Rules 13d-1(b) or 13d-2(b):
           American Express Company, one of the persons filing this
           statement, is a Parent Holding Company in accordance with Rule
           13d-1(b)(ii)(G) and is an Investment Advisor registered under
           section 203 of the Investment Advisors Act of 1940.

4(a)   Amount Beneficially Owned as of December 31, 2004: 
                                            See Item 9 of Cover Pages

4(b)   Percent of Class:                    See Item 11 of Cover Pages

4(c)   Number of Shares as to which such person has:
       
       (i)     Sole  power to vote or to direct  the  vote:  See Item 5 of Cover
               Pages
               
       (ii)    Shared  power to vote or  direct  the  vote:  See Item 6 of Cover
               Pages
               
       (iii)   Sole power to dispose or to direct the  disposition  of: See Item
               7 of Cover Pages
               
       (iv)    Shared power to dispose or to direct the disposition of: See Item
               8 of Cover Pages
               
            



5      Ownership of 5% or Less of a Class:
       If this statement is being filed to report the fact as of the date
       hereof the reporting person has ceased to be the beneficial owner of
       more than five percent of the class of securities, check the
       following ( ).

6      Ownership of more than 5% on Behalf of Another Person:

                                            Not Applicable

7      Identification and Classification of the Subsidiary Which Acquired the
       Security Being Reported on by the Parent Holding Company:

                                            See Exhibit I

8      Identification and Classification of Members of the Group:

                                            Not Applicable

9      Notice of Dissolution of Group:

                                            Not Applicable

10     Certification:

           By signing below I certify that, to the best of my knowledge and
       belief, the securities referred to above were acquired in the ordinary
       course of business and were not acquired for the purpose of and do not
       have the effect of changing or influencing the control of the issuer of
       such securities and were not acquired in connection with or as a
       participant in any transaction having such purposes or effect.

           After reasonable inquiry and to the best of my knowledge and
       belief, I certify that the information set forth in this statement is
       true, complete and correct.

                                 American Express Financial Corporation

Dated: December 31, 2004         By /s/ Steve Turbenson
                                    --------------------------------
                                        Signature


                                        Steve Turbenson
                                        Director - Fund Administration
                                        Name/Title
                                      
                                        Telephone: (612) 671-2059
                                   





                                  Exhibit Index


Exhibit I    Identification and Classification of the Subsidiary
             which Acquired the Security Being Reported on by the
             Parent Holding Company.

Exhibit II   Statement of American Express Financial Corporation






                                    Exhibit I

                                       to

                                  Schedule 13G

       American Express Financial Corporation, a Delaware Corporation, is a
parent holding company and is registered as investment advisor under section 203
of the Investment Advisor Act of 1940. The relevant subsidiaries and/or advised
accounts are: Investment companies registered under section 8 of the Investment
Company Act of 1940; IDS Life Insurance Company and American Express Asset
Management Group Inc., an investment advisor registered under section 203 of the
Investment Advisors Act of 1940.





                                   Exhibit II

                                       to

                                  Schedule 13G

                                    Under the

                         Securities Exchange Act of 1934


       Pursuant to Rule 13d-1(f)(1), American Express Financial Corporation
affirms that it is individually eligible to use Schedule 13G and agrees that
this Schedule is filed in its behalf and on behalf of it subsidiaries and
advised accounts.


                            American Express Financial Corporation


                            By: /s/ Steve Turbenson
                               ------------------------------------
                                    Steve Turbenson
                                    Director - Fund Administration