Delphi Financial Group, Inc. (NYSE: DFG) announced today that it has priced its previously announced public offering of 3,000,000 shares of its Class A common stock at $17.50 per share to the public. Delphi has granted the underwriters a 30-day option to purchase up to 450,000 additional shares of Class A common stock from Delphi. The offering is expected to settle and close on May 1, 2009, subject to customary closing conditions. Net proceeds from the offering are expected to be used for general corporate purposes. This offering is being effected in lieu of the $30 million continuous equity offering program that Delphi announced in a Form 8-K filing on Friday, April 24, 2009, which has been terminated.

Barclays Capital Inc. is the sole book-running manager of the offering. The offering will be made only by means of a final prospectus supplement and accompanying base prospectus, copies of which may be obtained from: Barclays Capital Inc., c/o Broadridge, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, New York 11717; Barclaysprospectus@broadridge.com (phone: 888-603-5847). A copy of the final prospectus supplement and accompanying base prospectus may also be obtained at no charge at the Securities and Exchange Commission's website, at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the shares of common stock or any other securities, nor will there be any sale of the shares of common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

In connection with, and because it desires to take advantage of, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Delphi cautions readers regarding certain forward-looking statements in the foregoing discussion and in any other statements made by, or on behalf of, Delphi, whether in future filings with the Securities and Exchange Commission or otherwise. Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results, prospects, outlooks or other developments. Some forward-looking statements may be identified by the use of terms such as “expects,” “believes,” “anticipates,” “intends,” “judgment,” “outlook” or other similar expressions.