Slides presented to certain security holders of North American Insurance Leaders

North American Insurance Leaders, Inc.

Acquisition of

the Business of Deep South

August 2007

* * * *

* * *

Exhibit 99.2

This presentation is intended to provide up-dated information for the shareholders of NAIL and is not intended to be a request for your vote on the transaction at the Shareholder’s meeting that will consider the transaction. A stockholder meeting will be announced to obtain stockholder approval for the transactions. NAO intends to file with the Securities and Exchange Commission a proxy statement and other relevant materials in connection with the transaction. Such proxy statement will be made available to NAO’s stockholders and will constitute the method by which we can request your vote on the transaction. NAO’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION, NAO AND DEEP SOUTH. Investors and stockholders may obtain free copies of these materials (when they are available) and other documents filed with the SEC at the SEC’s website at www.sec.gov. A free copy of the proxy statement when it becomes available may also be obtained from North American Insurance Leaders, Inc. at 885 Third Avenue, 31st Floor, New York, New York 10022.

NAO, Deep South and their respective officers and directors may be deemed to be participants in the solicitation of proxies from NAO’s stockholders with respect to the transaction. Investors and stockholders may obtain more detailed information regarding the direct and indirect interests of NAO, Deep South and their respective officers and directors in the proposed transaction by reading NAO’s proxy statement, which will be filed with the SEC.

North American Insurance Leaders, Inc.

Forward-Looking Statements

This presentation may include forward-looking statements. These forward-looking

statements include comments with respect to our objectives and strategies, and the results of

our operations and business.

By their nature, however, these forward-looking statements involve numerous assumptions,

risks, uncertainties and opportunities, both general and specific. The risk exists that these

statements may not be fulfilled. Investors should not place undue reliance on these forward-

looking statements as a number of factors could cause future company results to differ

materially from these statements.

Potential risks and uncertainties include fluctuations in interest rates and stock indices;

cyclical changes in our business; increased competition on the basis of commissions or other

factors; developments in the financial or capital markets; the loss of key personnel or the

inability to recruit additional personnel; changes in the availability, cost or quality of

insurance capacity; severe weather conditions; changes in our relationships with the

agencies and agents that distribute our products; and a decline in Praetorian’s financial

ratings. The foregoing list is not exhaustive.

When relying on forward-looking statements to make decisions, investors should carefully

consider the aforementioned factors as well as other uncertainties and events.

Investors and stockholders may obtain more detailed information regarding the direct and

indirect interests of NAO, Deep South and their respective officers and directors in the

proposed transaction by reading NAO’s

proxy statement, which will be filed with the SEC.

Overview of the Transaction

* * *

* *

North American Insurance Leaders, Inc.

Overview of the Transaction

On August 10, 2007, North American Insurance Leaders, Inc. (AMEX: NAO), a special

purpose acquisition corporation, announced the signing of a definitive agreement to acquire

the business of Deep South (“Deep South”), one of the largest managing general insurance

agencies in the United States

Under the terms of the agreement, NAO will acquire Deep South for an initial payment of an

estimated $110 million. The initial payment will be equal to 5.94x pro forma EBITDA for

2007.

The

initial

payment

will

comprised

approximately

83%

cash

and

17%

NAO common stock

Deep South stockholders will have the additional opportunity to receive up to approximately

$65 million in cash and stock through an earn out arrangement based on the future financial

performance of Deep South over the two years following closing

David J. Disiere, Founder of Deep South, has entered into a two-year employment agreement

and a five year non-compete with the company

The combined company will continue to trade on the American Stock Exchange and will be

headquartered in Dallas, Texas

North American Insurance Leaders, Inc.

Key Transaction Terms

Est. Closing Price:

$109.9 million

Cash -

$90.7 million (83%)

Stock -

$19.2 million (17%)

Closing Payment Adjustment:

The closing payment will be adjusted to equal 5.94x pro forma

EBITDA for the year ended December 31, 2007 (“Governing

EBITDA”)

Year 1 Earn Out Payment:

Up to +/-

$32.5 million. To achieve the maximum payment,

2008 EBITDA to exceed 125% of Governing EBITDA ($23.1

million). Earn out starts at 93% of Governing EBITDA

Year 2 Earn Out Payment:

Up to +/-

$32.5 million. To achieve the maximum payment,

2009 EBITDA to exceed 150% of Governing EBITDA ($27.8

million). Earn out starts at 107% of Governing EBITDA

North American Insurance Leaders, Inc.

Key Transaction Terms (continued)

Board Representation:

David Disiere

to nominate two members to the Board

Anticipated Closing:

By the end on the first quarter of 2008

North American Insurance Leaders, Inc.

Deep South is a Leading Managing General Agency Focused on

Commercial Auto Insurance

Exceptional niche commercial auto insurance program

–

$224 million of premiums produced in 2006

–

Sells through over 2,000 retail agents principally across the Sunbelt

–

Concentrates on less competitive small account niche

–

Underwrites policies and administers claims for long term carrier partner

–

Value

added

loss

control

inspection

program

provides

incremental

fees

–

Unique, proactive claims handling focused on early settlement

Highly profitable commission and fee based revenue model

–

Average pro forma EBITDA margin of 27.2% over the past five years

–

Deep South management has identified potential cost savings

–

Profit commissions allow Deep South to share in underwriting results

Strong management team

–

David Disiere

committed for two years

–

Anticipate announcing a new Chief Executive Officer shortly

North American Insurance Leaders, Inc.

Deep South has Excellent Growth Prospects

Strong historic growth

–

2002 –

2006 net revenue growth of 21.9%

–

Six-month 2007 net revenue growth of 16.8%

–

2002 –

2006 pro forma EBITDA growth of 18.9%

Well positioned for robust growth into medium term

–

Softening

rate

environment

favors

MGA

growth

many

carriers

turn

MGAs

for

incremental written premium

Outstanding platform for accelerated growth through:

–

New products (Gulf property initiative)

–

Geographic diversification (Florida, California)

–

Additional underwriting capacity from current and new carriers

–

Acquisitions in fragmented MGA market

–

Flexibility to convert to insurer at opportune point in insurance cycle

North American Insurance Leaders, Inc.

Purchase Price Represents Attractive Valuation

Upfront consideration to pro forma EBITDA of 5.94x compares favorably to

comparable transactions

Negotiated transaction –

not an auction process

(1) Excludes potential earn-out payments.

Source: Company documents and KBW estimates

Average EBITDA Acquisition Multiples for Selected Insurance Broker

and Insurance Service Company Transactions

7.2x

8.9x

9.2x

8.9x

3.0x

5.0x

7.0x

9.0x

11.0x

2004

2005

2006

2007

Initial purchase

price multiple

(1)

–

5.94x

North American Insurance Leaders, Inc.

Deep South’s Growth and Margin Compare Favorably to

Publicly-Traded Peers

($ in millions)

Enterprise Value

LTM

EBITDA

Market

LTM

EBITDA

Price/Earnings

EPS Growth

EBITDA

Growth

Margin

Value (8/9/07)

Revenue

LTM

2007E

2008E

LTM

2007E

2008E

'07-08E

Margin

'05-06

2006

Company

($mm)

(x)

(%)

Insurance Brokers

Brown & Brown Inc.

3,894

4.4

10.9

10.5

9.3

21.3

19.8

18.5

7.1

15.0

40.1

13.0

38.9

A.J. Gallagher & Co.

2,962

1.8

13.3

10.7

8.9

23.4

17.8

18.2

(2.3)

10.4

13.5

(4.2)

16.4

National Financial Partners

2,048

2.0

14.5

13.8

11.5

20.5

17.2

14.5

18.2

16.0

14.1

14.4

13.7

Hilb Rogal & Hobbs Co.

1,681

2.3

8.6

8.2

7.6

20.3

18.7

17.2

9.0

11.8

26.4

5.3

26.8

Median

2,505

2.2

12.1

10.6

9.1

20.9

18.2

17.7

8.1

13.4

20.3

9.1

21.6

Deep South

(1)

10.8

29.3

(1) Represents pro forma results. See slide 23 for pro forma adjustments.

Source: SNL Datasource, FactSet, KBW Research, Bloomberg, company press releases, earnings call transcripts and respective company SEC filings.

North American Insurance Leaders, Inc.

Insiders Will Have Strong Incentive to Create Value

(1)

Based on treasury stock method at an assumed trust value per share as of December 31, 2007 of $8.00. Assumes no redemption by NAO shareholders.

(2)

Assumes shares valued at $8.00.

Insiders will own approximately 30% of the pro forma company

Share Analysis

Fully Diluted

Ownership %

Amount (mm)

Amount

(1)

(mm)

Basic

Fully Diluted

(1)

Public Shares Outstanding

14.4

70.6%

58.5%

NAO Initial Holder Shares

3.6

17.6%

14.6%

Shares Issued to Deep South in Transaction

(2)

2.4

11.8%

9.8%

Total Shares

20.4

100.0%

82.9%

Total Warrants Outstanding

16.8

4.2

17.1%

Total Shares and Warrants Outstanding

37.1

24.6

100.0%

Overview of Deep South

* * *

North American Insurance Leaders, Inc.

Overview of Deep South

Founded in 1967

Leading MGA focused on commercial auto insurance

–

Full service distributor of commercial insurance products

–

Operates in 24 states

Approximately 400 employees located in eleven offices

Products marketed through over 2,000 independent agents

$224 million of premium produced in 2006

Highly profitable with a pro forma EBITDA margin of 29.3% in 2006

North American Insurance Leaders, Inc.

Program Profile

Full-service distributor providing underwriting, claims management and

administrative services

Specializes in the less competitive, small owner/operator market

segment

–

Average annual premium per policy of approximately $16,300

Loss ratio of 65% for the 2006/2007 treaty period

In 2006, approximately 64% of premium written on non-admitted paper

–

The non-admitted market provides more flexibility on rate and form

Praetorian, a group of insurance companies owned by QBE, provides risk-bearing

capacity to Deep South

–

Three year agreement executed in conjunction with the transaction

15% participation in underwriting results of the business going forward

North American Insurance Leaders, Inc.

Geographic Footprint

Deep South currently produces business through nine regional offices and is in the

process of opening additional locations in Phoenix and Los Angeles

•

Dallas, TX –

Corporate

Office

•

Little Rock, AR

•

Shreveport, LA

•

Cincinnati, OH

•

Nashville, TN

•

Atlanta, GA

•

Miami, FL

•

Denver, CO

•

Albuquerque, NM

•

Phoenix, AZ

•

Los Angeles, CA

North American Insurance Leaders, Inc.

Lines of Business

2006 Direct Premiums Produced

$224 million

Inland marine

Commercial auto

73%

General liability

20%

Commercial

property

North American Insurance Leaders, Inc.

Underwriting / Loss Control

Staff of over 50 underwriters

Nine regional offices staffed with an underwriting manager

Focus on local and intermediate usage vehicles

–

Less than 500 mile radius

–

Over 95% of commercial auto policies in 2006

Proprietary hybrid coding tool

Each account is inspected by a loss control engineer within 60 days of binding a

policy

–

Underwriters have the ability to cancel accounts post inspection

–

Non-refundable fee charged for inspection services

North American Insurance Leaders, Inc.

Claims

Aggressive claims management, resulting in loss mitigation and cost containment

Quick strike team provides 24/7 on-site emergency response

Adjusters average approximately 75 cases, well below industry norms

Claims staff includes seven lawyers and three physicians

Special investigative unit to examine potential fraudulent claims

Claims management services billed to Praetorian on an hourly basis

Deep South Financial Review

* * *

North American Insurance Leaders, Inc.

Financial Overview

Prudent top line growth

Focus on loss ratio

Incremental fee income through loss control inspection fees

Claims management fees billed on an hourly basis

Low expense base

North American Insurance Leaders, Inc.

Significant Revenue Growth

% Growth

7.7% 12.8% 13.6% 25.6%

14.7% NA 12.8%

$41.0

$46.2

$52.5

$65.9

$75.6

$32.5

$36.7

$20

$40

$60

$80

2002

2003

2004

2005

2006

6M 2006

6M 2007

Note: Results include claims management operations.

North American Insurance Leaders, Inc.

High Profit Margin

Deep South produced an average pro forma EBITDA margin (net of commissions

paid to retail agents) of 27.2% over the past five years

Note: Results include claims management operations.

29.9%

21.2%

25.6%

30.1%

29.3%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

2002

2003

2004

2005

2006

North American Insurance Leaders, Inc.

Historical Financial Results

($ in thousands)

Year ended December 31,

2002

2003

2004

2005

2006

Gross Premiums Written

169,459

189,255

208,248

231,886

223,791

Revenues

Commissions

31,759

34,182

39,734

48,181

51,236

Loss control fees

5,698

7,490

8,767

9,979

9,962

Claims management fees

3,031

4,124

3,514

7,975

13,865

Investment income

181

100

158

198

511

Other

288

296

295

(456)

Total revenues

40,956

46,192

52,468

65,878

75,575

Expenses

Commission expense

17,007

18,787

20,777

22,975

22,648

Operating expense

16,806

22,327

24,716

31,988

37,833

Total expenses

33,813

41,114

45,492

54,963

60,482

EBITDA

7,143

5,077

6,975

10,915

15,093

EBITDA Margin (net revenues)

29.8%

18.5%

22.0%

25.4%

28.5%

Pro Forma EBITDA Adjustments

Corporate jet expense

(1)

728

1,080

1,506

2,789

One-time revenue item

(2)

(4,025)

Legal and professional fees

(1)

494

453

Total pro forma adjustments

730

1,130

1,999

(782)

Pro Forma EBITDA

7,154

5,808

8,105

12,914

14,311

Pro Forma EBITDA Margin (net revenues)

29.9%

21.2%

25.6%

30.1%

29.3%

(1) Non-GAAP measure. Represents expenses that will no longer be a part of the business going forward.

(2) Represents a one-time payment from Praetorian for claims services performed in prior years.

Summary

* *

North American Insurance Leaders, Inc.

Outlook and Opportunities

State expansion and new product offerings

–

Opening regional offices in Phoenix and Los Angeles in 2007

–

Coastal property book of business

Hire new underwriting teams

–

Trucking team from AIG hired in 2007

Potential to increase profit share participation

North American Insurance Leaders, Inc.

Summary

Deep South has built a leading commercial lines managing general

agent

The company has produced attractive margins while maintaining underwriting

discipline

Transaction structured with proper incentives

Deep South management is confident about existing growth prospects

NAO’s

expertise positions the company for growth through acquisition