National Atlantic Holdings Corporation Announces Pricing of IPO

FREEHOLD, N.J.--April 21, 2005--National Atlantic Holdings Corporation (NAHC) announced today that its initial public offering (IPO) of 6,650,000 shares of common stock was priced at $12.00 per share. NAHC will sell 5,985,000 shares in the IPO, while The Ohio Casualty Insurance Company (Ohio Casualty), as selling shareholder, will sell 665,000 shares. NAHC has granted the underwriters an option to purchase up to 897,750 additional shares of common stock, and Ohio Casualty has granted the underwriters an option to purchase up to 99,750 additional shares of common stock, to cover over-allotments, if any. The shares will begin trading on Nasdaq Stock Market's National Market on Thursday, April 21, 2005. They will be traded under the symbol "NAHC."

NAHC expects the IPO to close on April 26, 2005. Citigroup Global Markets Inc. is acting as the book-running manager of the offering and Cochran, Caronia Securities LLC, Dowling & Partners Securities, LLC, Fox-Pitt, Kelton Inc. and Sandler O'Neill & Partners, L.P. are acting as co-managers of the offering. Copies of the final prospectus relating to the offering may be obtained at www.sec.gov or from Citigroup Global Markets Inc. at: Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, telephone number (718) 765-6732.

NAHC, through its insurance subsidiary, Proformance Insurance Company, is a provider of personal lines property and casualty insurance, predominately automobile insurance, in the State of New Jersey. NAHC distributes its products exclusively through licensed independent agents, many of whom have an equity participation in NAHC's common stock and are referred to as "partner agents."

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on April 20, 2005. The public offering is being made solely by means of a written prospectus forming a part of the effective registration statement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state where such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state.