An acquisition corporation, North American Insurance Leaders Inc., named Mark W. Haushill to be its chief executive officer as it moves closer to acquiring Deep South Companies, a managing general agency based in Irving, Texas.
Mr. Haushill, 45, is currently the interim chief financial officer of Argo Group International Holdings, Ltd., an underwriter of specialty insurance and reinsurance products. He joined Argonaut Group in 2000 and served as its chief financial officer from 2001 through 2007.
North American Insurance said Mr. Haushill's appointment will become effective when the firm completes its acquisition of South Companies.
On Aug. 10, North American said it entered into an agreement to acquire Deep South. After the deal is complete, North American expects to change its name to the Deep South Group Inc.
According to a filing with the Securities & Exchange Commission, North American will purchase Deep South for $110 million in a combination cash and stock deal. The owners of Deep South can also receive an earn-out (a performance-based payout) up to $65 million in cash and stock. The deal is expected to be completed during the first quarter of 2008.
Founded in 1967, Deep South is a managing general agency that markets its products through more than 2,000 independent agents located in 24 states.
North American Insurance Leaders is a special purpose acquisition corporation focused on acquiring businesses in the insurance or insurance-related industry.
The combined company will be renamed Deep South Group Inc. It will trade on the American Stock Exchange and be headquartered in Dallas.
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