Friday, September 15, 2006

The Commerce Group (CGI) May Look to Acquire National Atlantic Holdings Corporation (NAHC)

In a 13D filing on National Atlantic Holdings Corporation (NASDAQ: NAHC), The Commerce Group, Inc. (NYSE: CGI) disclosed an 8.2% stake (924K shares) in the company. The Commerce Group changed their filing status from 13G to 13D, indicating a more active role in the investment. The Commerce Group said it is in the process of evaluating a potential transaction, including the possibility of entering into a business combination or other strategic transaction such as an acquisition.

National Atlantic Holdings Corporation and its subsidiaries provide property and casualty insurance and insurance-related services to individuals, families and businesses in the State of New Jersey.

The Commerce Group, Inc. is headquartered in Webster, Massachusetts. Property and casualty insurance subsidiaries include The Commerce Insurance Company and Citation Insurance Company in Massachusetts, Commerce West Insurance Company in California, and American Commerce Insurance Company in Ohio.

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