North American Insurance Leaders, Inc. Receives an Estimate of Deep South 2007 Governing EBITDA

NEW YORK, March 21 /PRNewswire-FirstCall/ -- North American Insurance Leaders, Inc. (Amex: NAO), today announced that it has received an estimate from the Deep South Companies ("Deep South") for 2007 Governing EBITDA that could be as high as $21,513,716. This calculation is subject to review by NAO upon the receipt of audited 2007 financial statements. Based upon our preliminary review, it appears that the Governing EBITDA will fall within a range from $18,838,529 to $21,513,716. The resulting initial purchase price would therefore range between $111,900,865 and $125,000,000 including the issuance of shares to the seller ranging from 2,459,921 to 2,788,221 and a maximum annual payout under the two year earnout between $31,549,568 and $25,000,000.

In addition, NAO has received from Deep South the unaudited written premium results for the first two months of 2008. Written premiums were $22,164,208 in January, $1,452,363 under budget, and $15,552,192 in February, $2,591,958 under budget.

Additional Information

In connection with its pending acquisition of Deep South, North American Insurance Leaders, Inc. filed a definitive proxy statement with the SEC on January 31, 2008. STOCKHOLDERS OF NORTH AMERICAN INSURANCE LEADERS, INC. ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY AMENDMENTS OR SUPPLEMENTS THERETO BECAUSE THEY CONTAIN IMPORTANT INFORMATION. NAO files reports, proxy statements and other information with the SEC as required by the Exchange Act. You may read and copy such reports, proxy statements and other information filed by NAO with the SEC at the SEC's public reference room located at 100 F Street, N.E., Washington, D.C. 20549-1004. NAO also files its reports, proxy statements and other information electronically with the SEC. You may access information on NAO at the SEC web site at http://www.sec.gov.

About North American Insurance Leaders, Inc.

North American Insurance Leaders, Inc. 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. On August 10, 2007, NAO announced the signing of a definitive agreement to acquire the businesses of Deep South Holding, L.P.

About Deep South

Deep South is a leading managing general agency distributing various lines of commercial property and casualty insurance. Deep South operates a full service managing general agency that underwrites and manages various lines of commercial property and casualty insurance, including commercial auto coverages, which it markets to independent retail insurance agents. For additional information on Deep South, please visit its website at http://www.deep-south.com.


(SOURCE : www.insurancenewsnet.com )

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Market Review News

4:20 pm : On Thursday, positive comments from a major credit ratings firm managed to lift the market from negative territory, with the S&P 500 ending the day with a 0.5% gain. The stock market was down as much as 2.0% on worse than expected retail sales and reports that another hedge fund may collapse.

Standard & Poor's said the bulk of write-downs on subprime securities may be behind banks that have already announced their full year 2007 results. S&P said "the magnitude of some write-downs is greater than any reasonable estimate of losses." The firm noted Citigroup (C 21.07, -0.14) and Merrill Lynch (MER 46.26, +1.34) have taken conservative valuations.

S&P said write-downs could reach $285 billion, from the current level of $150 billion. The firm's forecast is much lower than some other estimates, including UBS. UBS said last month it expects firms will face more than $600 billion in write-downs.

The financial sector (+0.3%) saw the largest boost from the S&P comments. The sector was down as much as 4.0% on renewed credit concerns due to reports that a Carlyle Group fund is close to collapse. The thrifts & mortgages group (+5.9%) saw a huge lift after being down as much as 5.6%. Representative Barney FrankMarketWatch.com. wants the government to pledge up to $300 billion in loan guarantees to help stem foreclosures, according to

The financial sector's gains were somewhat limited by weakness in AIG (AIG 42.48, -1.17). The insurer was downgraded to Equal-Weight from Overweight at Morgan Stanley.

Nine of the ten sectors posted a gain, led by materials (+2.1%) and energy (+1.4%). Consumer staples underperformed on a relative basis, ending the day unchanged.

In economic news, February retail sales fell 0.6%, which fell short of the expected 0.2% rise. When excluding autos, sales fell by 0.2%, which missed the consensus estimate that called for a 0.2% increase.

On a somewhat better note, there were 353,000 unemployment claims for the week ended March 8. This was unchanged from the previous reading. Claims are high, but have not spiked to levels that were seen in the 1991 and 2001 recessions.

The dollar (-0.52%) fell to record lows. The dollar bought less than 100 yen for the first time since 1995, before recovering a bit to the 100.66 yen level.

The weak dollar aided a 0.8% surge in the CRB Commodity Index. Gold hit an all-time intraday high of $1001.50 per ounce. However, the precious metal remains well below its inflation adjusted high that was reached in the early 80s. Meanwhile, crude hit an all-time high of $111.00 per barrel.DJ30 +35.50 NASDAQNYSE Dec/Adv/Vol 1318/1790/1.84 bln +19.74 NQ100 +0.9% R2K +1.9% SP400 +1.3% SP500 +6.71 NASDAQ Dec/Adv/Vol 1154/1771/2.47 bln

3:35 pm : The stock market contines to fluctuate near its best levels as we head into the close. All ten sectors are posting a gain.

The Amex Airline Index has regained some lost ground, although it still has a long way to make up yesterday's 10% decline. The index is down 24% this year.DJ30 +70.02 NASDAQ +23.44 SP500 +9.59 NASDAQ Dec/Adv/Vol 1139/1757/2.08 bln NYSE Dec/Adv/Vol 1300/1821/1.50 bln

3:00 pm : The major indices have dipped off their best levels but continue to post a decent-sized advance. The Russell 2000 continues to outperform, now up 1.7%.

The largest percent gainers in the S&P 500 are Humana (HUM 44.72, +3.84), Fannie Mae (FNM 22.85, +1.81), and Pulte Homes (PHM 12.53, +0.74). The largest losers are Bear Stearns (BSC 54.82, -6.76), Cardinal Health (CAH 51.22, -3.25) and Ford (F 5.35, -0.35).DJ30 +78.24 NASDAQ +23.75 SP500 +10.48 NASDAQ Dec/Adv/Vol 1218/1678/1.86 bln NYSE Dec/Adv/Vol 1435/1673/1.36 bln

2:30 pm : The major indices are trading near their best levels of the session, with significant gains. The S&P 500 has surged 3.0% from its low to its current level.

All ten sectors are trending higher, led by materials (+2.2%).

Market breadth has turned positive. Advancers outpace decliners by 4-to-3 on the NYSE, and by 3-to-2 on the Nasdaq.DJ30 +92.93 NASDAQ +26.99 SP500 +12.17 NASDAQ Dec/Adv/Vol 1171/1681/1.69 bln NYSE Dec/Adv/Vol 1334/1766/1.25 bln

2:00 pm : The major indices stall for a bit and then extend their gains. There does not appear to be one specific catalyst for the recent surge, although the thrifts & mortgages group (+6.5%) saw a huge lift after being down as much as 5.6%. Representative Barney Frank wants the government to pledge up to $300 billion in loan guarantees to help stem foreclosures, according to MarketWatch.com.

The Nasdaq is outperforming the S&P 500, partly due to strength in Research In Motion (RIMM 104.17, +2.78), which is not included in the S&P because it is a Canadian company.DJ30 +73.76 NASDAQ +23.02 SP500 +9.36 NASDAQ Dec/Adv/Vol 1195/1656/1.51 bln NYSE Dec/Adv/Vol 1388/1721/1.12 bln

1:30 pm : The major indices rebound into the green as they trade at their best levels of the session. The advance has been broad-based with eight of the ten sectors now posting a gain.

Homebuilders are leading the way with a 6% advance, with the thrifts & mortgages group following closely behind with a 5.7% gain.

In typical fashion, crude oil has traded in a choppy manner. Oil is down 0.4% to $109.54 per barrel after hitting an all-time high of $111.00 in earlier trade.

Meanwhile the 10-year note price has plummeted after there was weak demand during its auction.DJ30 +25.32 NASDAQ +18.24 SP500 +5.18 NASDAQ Dec/Adv/Vol 1246/1574/1.36 bln NYSE Dec/Adv/Vol 1543/1547/1.01 bln

1:00 pm : The stock market continues to trade with modest losses. Treasuries are now trading lower after posting decent-sized gains in earlier trade.

The Wall Street Journal reported National City (NCC 14.63, -0.08) is looking for someone to buy the bank after the company failed to find a capital infusion.DJ30 -83.93 NASDAQ -9.28 SP500 -8.56 NASDAQ Dec/Adv/Vol 1572/1212/1.18 bln NYSE Dec/Adv/Vol 2022/1059/904 mln

12:35 pm : The major indices climb to just below the unchanged mark and then run into some resistance. The stock market is posting a modest decline, as it has pared rough 75% of its early losses. Energy (+0.5%) and Materials (+0.5%) are providing leadership.

Small-cap names are faring well. The Russell 2000 is up 0.3% this session.DJ30 -69.11 NASDAQ -8.17 SP500 -6.30 NASDAQ Dec/Adv/Vol 1616/1146/1.08 bln NYSE Dec/Adv/Vol 1970/1086/832 mln

12:00 pm : On Thursday, the stock market was down as much 2% on renewed credit fears and a weaker than expected retail sales report. The market then spiked off its lows on positive comment from a major credit rating firm. At midday the S&P 500 is down 0.6%.

Standard & Poor's said the bulk of write-downs on subprime securities may be behind banks that have already announced their full year 2007 results. S&P said "the magnitude of some write-downs is greater than any reasonable estimate of losses." The firm noted Citigroup (C 20.61, -0.60) and Merrill Lynch (MER 45.24, +0.32) have taken conservative valuations.

S&P said write-downs could reach $285 billion, from the current level of $150 billion. The firm's forecast is much lower than some other estimates, including UBS. UBS said last month it expects firms will face more than $600 billion in write-downs.

The financial sector saw the largest boost from the S&P report, as it is currently down 1.1% after being down as much as 4.0%. However, the sector is still a laggard. Credit concerns are once again weighing on the market, spurred by reports that Carlyle Group admitted one of its funds is close to collapse.

Disappointing retail sales data have kept traders concerned about the economic outlook. February retail sales fell 0.6%, which fell short of the expected 0.2% rise. When excluding autos, sales fell by 0.2%, which missed the consensus estimate that called for a 0.2% increase.

On a somewhat better note, there were 353,000 unemployment claims for the week ended March 8. This was unchanged from the previous reading. Claims are high, but have not spiked to levels that were seen in the 1991 and 2001 recessions.

The CRB Commodity Indexhas surged 0.8% as the dollar falls to record lows. The dollar bought less than 100 yen for the first time since 1995 before recovering a bit to the 100.70 yen level.

Gold is playing a larger role in commodities strength this session. Gold hit an all-time intraday high of $1001.50 per ounce. However, the precious metal remains well of its inflation adjusted high that was reached in the early 80s. DJ30 -59.75 NASDAQ -12.55 SP500 -7.86 NASDAQ Dec/Adv/Vol 1813/911/931 mln NYSE Dec/Adv/Vol 2130/919/720 mln

11:25 am : The major indices have spiked off their worst levels, but are still in the red. The buying interest is being fueled by positive comments from Standard & Poor's.

Standard & Poor’s said the bulk of write-downs on subprime securities may be behind banks that have already announced their full year 2007 results. S&P said “the magnitude of some write-downs is greater than any reasonable estimate of losses.” The firm did note that write-downs could reach $285 billion, from the current level of $150 billion.

Financials have had a large boost off their lows. The sector is now trading down 1.1% after being down as much as 4.0%. Meanwhile, energy (+0.2%) and materials (+0.2%) crossed into positive territory for the first time this session.DJ30 -87.10 NASDAQ -17.31 SP500 -8.79 NASDAQ Dec/Adv/Vol 1803/882/748 mln NYSE Dec/Adv/Vol 2164/867/587 mln

11:00 am : Sellers remain in control as they drive the major indices to fresh lows. After this session and Wednesday's declines, the S&P 500 is only holding roughly 10 points of its 47 point gain on Tuesday.

Meanwhile, crude oil has rebounded and is now up 0.7% to $110.74 per barrel. The CRB Commodity Index is now up 0.5%, extending its yearly gain to 16.9%.
DJ30 -212.03 NASDAQ -38.73 SP500 -23.96 NASDAQ Dec/Adv/Vol 2100/517/550 mln NYSE Dec/Adv/Vol 2594/406/429 mln

10:30 am : Stocks are trading back near their lows after a failed recovery attempt. All ten sectors are posting a loss of at least 1%.

Bear Stearns (BSC 53.00, -8.58) is getting hammered as it hits a fresh 52-week low. Confidence in the company continues to weaken despite positive public statements by Bear officials and the SEC earlier this week. The stock is down roughly 67% from its 52-week high of $159.36 reached in April 2007.DJ30 -195.63 NASDAQ -33.04 SP500 -22.27 NASDAQ Dec/Adv/Vol 2034/519/398 mln NYSE Dec/Adv/Vol 2573/373/317 mln

10:00 am : Buyers are not showing much interest as the major indices fall to their worst levels. Eight of the ten economic sectors are posting a loss of more than 1%.

Gold hit an all-time intraday high of $1,000.00 per ounce, although it remains well off its inflation adjusted high reached in the early 1980s. Gold's advance is helping to lift the CRB Commodity Index (+0.4%), which has traded higher for seven of the last eight weeks.

Just reported, January business inventories rose 0.8%, compared to the previous reading that saw a rise of 0.7%. Economists predicted a rise of 0.5%.DJ30 -197.50 NASDAQ -32.40 SP500 -22.47 NASDAQ Dec/Adv/Vol 1922/498/200 mln NYSE Dec/Adv/Vol 2471/373/171 mln

09:45 am : The major indices open sharply lower. Credit concerns continue to weigh on the market due to reports that a Carlyle Group fund admitted it is close to collapse. Also, February retail sales were weaker than expected.

Financials are posting a steep 3.0% decline. On top of the Carlyle reports, Treasury Secretary Paulson said financial institutions must raise capital and revisit dividend policies.

The dollar continues to weaken, as it falls to all-time lows. The dollar has lost 1.6% against the yen, which briefly dipped below the 100 yen mark for the first time since 1995.DJ30 -161.27 NASDAQ -27.88 SP500 -18.79

09:15 am : S&P futures vs fair value: -18.4. Nasdaq futures vs fair value: -22.2.

09:00 am : S&P futures vs fair value: -17.0. Nasdaq futures vs fair value: -20.1. Futures are off their worst levels, but continue to suggest a sharply lower start to trading. Overseas markets have seen selling pressure. Hong Kong's Hang Seng dropped a steep 4.8% and Japan's Nikkei shed 3.3%. The European markets are trading lower, with the FTSE down 1.8% and the CAC 40 down 2.4%.

08:32 am : S&P futures vs fair value: -20.7. Nasdaq futures vs fair value: -21.2. After regaining some ground, futures dip as three economic reports hit the wires. February retail sales fell 0.6%, which is less than the expected rise of 0.2%. Excluding autos, sales fell 0.2% (consensus +0.2%). There were 353,000 weekly unemployment claims (consensus 357,000), unchanged from the previous reading. Finally, import prices rose 0.2% month over month, which was less than the expected rise of 0.8%. Separately, gold futures surpasses the $1000 mark for the first time ever.

08:00 am : S&P futures vs fair value: -17.3. Nasdaq futures vs fair value: -24.5. Current indications suggest a significantly lower start for the stock market. Credit concerns are weighing on the market as a Carlyle Group fundMarketWatch.com. This is also putting some pressure on the dollar, as the yen fell below the 100 mark for the first time since 1995. Meanwhile, crude is trading above $110 per barrel. Traders await the weekly initial jobless claims and February retail sales economic reports that are set for release at 8:30 ET. admitted it is close to collapse, according to

06:20 am : S&P futures vs fair value: +16.9. Nasdaq futures vs fair value: +6.0.

06:19 am : FTSE...5658.70...-117.70...-2.0%. DAX...6429.00...-170.37...-2.6%.

06:19 am : Nikkei...12433.44...-427.69...-3.3%. Hang Seng...22301.64...-1121.12...-4.8%.

(Source : BRIEFING.com - Your LIFE MARKET ANALYZE)