On August 10, NAO announced that it had entered into a definitive agreement to acquire Deep South, one of the largest managing general insurance agencies in the United States. In connection with the consummation of the transaction, NAO expects to change its name to the Deep South Group, Inc.
Mark Haushill, 45, is currently the interim Chief Financial Officer of Argo Group International Holdings, Ltd., an underwriter of specialty insurance and reinsurance products.
“We are excited to welcome Mark to Deep South,” said William R. de Jonge, President of NAO. 'He brings financial expertise and knowledge of the core products and markets in which Deep South operates. Mark will be an effective leader as Deep South grows its franchise and transitions to a publicly-traded company."
“I look forward to joining David Disiere and the Deep South management team," said Mr. Haushill. "Deep South has a proven track record of growth and high operating margins. My focus will be on positioning the company for future growth, both organically and through acquisition, and continued profitability. I am excited about the opportunity to work with NAO's Board of Directors and look forward to building shareholder value."
Founded in 1967, Deep South is a full service distributor of commercial insurance products. Deep South markets its products through more than 2,000 independent agents located in 24 states. The combined company, Deep South Group, Inc., will trade on the American Stock Exchange and be headquartered in Dallas, Texas. NAO anticipates completing the transaction by the end of first quarter of 2008, following a vote of its shareholders and standard regulatory approvals and notices.
About North American Insurance Leaders, Inc.
NAO is a special purpose acquisition corporation focused on acquiring businesses in the insurance or insurance related industry. NAO raised net proceeds of approximately $110 million through its initial public offering in March 2006 led by CRT Capital Group LLC.
About Deep South
Deep South is a full service distributor of commercial insurance products operating through twelve offices located throughout the U.S. The company's staff of nearly 400 employees provides underwriting, claims management and administrative services to independent insurance agents and their insurance customers. Deep South's primary product is commercial auto insurance.