0001140361-23-017463.txt : 20230410 0001140361-23-017463.hdr.sgml : 20230410 20230410130904 ACCESSION NUMBER: 0001140361-23-017463 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20230410 DATE AS OF CHANGE: 20230410 GROUP MEMBERS: ACCEPTANCE CASUALTY INSURANCE CO GROUP MEMBERS: ACCEPTANCE INDEMNITY INSURANCE CO GROUP MEMBERS: COMMERCIAL ALLIANCE INSURANCE CO GROUP MEMBERS: CYNTHIA KELLOGG GROUP MEMBERS: GOOSE CREEK CAPITAL, INC. GROUP MEMBERS: HARCO NATIONAL INSURANCE CO GROUP MEMBERS: IAT INSURANCE GROUP , INC. GROUP MEMBERS: IAT REINSURANCE CO LTD. GROUP MEMBERS: INTERNATIONAL FIDELITY INSURANCE CO GROUP MEMBERS: KELLOGG FAMILY TRUST GROUP MEMBERS: KIRKLAND TRUST A GROUP MEMBERS: MYTH & BARNEGAT RESTORATION SOCIETY GROUP MEMBERS: OCCIDENTAL FIRE & CASUALTY CO OF NORTH CAROLINA GROUP MEMBERS: TRANSGUARD INSURANCE CO OF AMERICA, INC. GROUP MEMBERS: WILSHIRE INSURANCE CO SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NAM TAI PROPERTY INC. CENTRAL INDEX KEY: 0000829365 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 000000000 STATE OF INCORPORATION: D8 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-46775 FILM NUMBER: 23810464 BUSINESS ADDRESS: STREET 1: 116 MAIN STREET STREET 2: 2ND FLOOR CITY: ROAD TOWN, TORTOLA STATE: D8 ZIP: 00000 BUSINESS PHONE: 8675527490666 MAIL ADDRESS: STREET 1: NAM TAI INDUSTRIAL ESTATE EAST, STREET 2: 2 NAM TAI ROAD, GUSHU, XI XIANG, CITY: BAOAN DISTRICT, SHENZHEN STATE: F4 ZIP: 518126 FORMER COMPANY: FORMER CONFORMED NAME: NAM TAI PROPERTY INC DATE OF NAME CHANGE: 20140422 FORMER COMPANY: FORMER CONFORMED NAME: NAM TAI ELECTRONICS INC DATE OF NAME CHANGE: 19930706 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: KELLOGG PETER R CENTRAL INDEX KEY: 0000897485 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 48 WALL STREET STREET 2: C/O IAT REINSURANCE CO LTD CITY: NEW YORK STATE: NY ZIP: 10005 SC 13D/A 1 brhc10051235_sc13da.htm SC 13D/A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13D/A
 
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
 
Nam Tai Property Inc.
(Name of Issuer)
 
COMMON SHARES, $0.01 PAR VALUE
(Title of Class of Securities)
 
629865 205
(CUSIP Number)
 
IAT Reinsurance Company Ltd.
Attn: David Pirrung
4200 Six Forks Road
Suite 1400
Raleigh, NC 27609
(919) 833-1600
 
Baker McKenzie LLP
Attn: Mark Mandel and Thomas Rice
452 Fifth Avenue
New York, NY 10018
(212) 626-4100
 
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

April 5, 2023
(Date of Event Which Requires Filing of this Statement)
 
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
 
* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 


CUSIP No.
629865 205
 

1
NAMES OF REPORTING PERSONS
 
 
Peter R. Kellogg
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): N/A
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
PF
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
United States of America
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
200,000
 
 
 
 
8
SHARED VOTING POWER
 
 
12,533,246
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
200,000
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
12,533,246
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
12,733,246
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
22.90%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IN
 
 
 
 
 

CUSIP No.
629865 205
 

1
NAMES OF REPORTING PERSONS
 
 
Goose Creek Capital, Inc.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 81-4619377
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
N/A1
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
State of Wyoming
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
11,111,252
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
11,111,252
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
11,111,252
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
19.99%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
CO
 
 
 
 
 
1 Goose Creek Capital, Inc. has not purchased any shares directly and does not own any shares directly.


CUSIP No.
629865 205
 

1
NAMES OF REPORTING PERSONS
 
 
Cynthia Kellogg
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): N/A
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
PF
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
United States of America
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
1,208,994
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
1,208,994
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
1,208,994
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
2.17%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IN
 
 
 
 


CUSIP No.
629865 205
 

1
NAMES OF REPORTING PERSONS
 
 
Kellogg Family Trust
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 37-6495327
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
OO (See Item 3)
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
State of Florida
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
200,000
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
200,000
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
200,000
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
0.36%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
OO
 
 
 
 
 

CUSIP No.
629865 205
 

1
NAMES OF REPORTING PERSONS
 
 
Myth & Barnegat Restoration Society
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 45-5575835
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
OO (See Item 3)
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
State of New Jersey
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
10,000
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
10,000
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
10,000
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
0.02%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
OO
 
 
 
 
 

CUSIP No.
629865 205
 

1
NAMES OF REPORTING PERSONS
 
 
Kirkland Trust "A"
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 65-6147584
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
OO (See Item 3)
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
State of New Jersey
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
3,000
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
3,000
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
3,000
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
0.01%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
OO
 
 
 
 


CUSIP No.
629865 205
 
 
1
NAMES OF REPORTING PERSONS
 
 
IAT Reinsurance Company Ltd.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 98-0121674
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
OO (See Item 3)
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
Cayman Islands
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
11,111,252
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
11,111,252
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
11,111,2522
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
19.99%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IC
 
 
 
 

2 IAT Reinsurance Company Ltd. owns 5,306,943 shares directly.


CUSIP No.
629865 205
 

1
NAMES OF REPORTING PERSONS
 
 
IAT Insurance Group , Inc.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 56-1171691
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
OO (See Item 3)
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
State of North Carolina
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
2,479,309
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
2,479,309
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
2,479,3092
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
4.46%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IC
 
 
 
 

2 IAT Insurance Group, Inc. owns 2,479,309 shares directly.
 

CUSIP No.
629865 205
 

1
NAMES OF REPORTING PERSONS
 
 
Harco National Insurance Company
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 13-6108721
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
OO (See Item 3)
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
State of Illinois
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
700,000
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
700,000
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
700,000
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
1.26%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IC
 
 
 
 
 

CUSIP No.
629865 205
 

1
NAMES OF REPORTING PERSONS
 
 
TransGuard Insurance Company of America, Inc.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 36-3529298
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
OO (See Item 3)
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
State of Illinois
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
550,000
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
550,000
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
550,000
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
0.99%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IC
 
 
 
 


CUSIP No.
629865 205
 
 
1
NAMES OF REPORTING PERSONS
 
 
Commercial Alliance Insurance Company
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 76-0560701
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
OO (See Item 3)
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
State of Texas
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
150,000
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
150,000
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
150,000
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
0.27%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IC
 
 
 
 


CUSIP No.
629865 205
 
 
1
NAMES OF REPORTING PERSONS
 
 
Acceptance Indemnity Insurance Company
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 47-0719425
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
OO (See Item 3)
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
State of Nebraska
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
600,000
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
600,000
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
600,000
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
1.08%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IC
 
 
 
 


CUSIP No.
629865 205
 
 
1
NAMES OF REPORTING PERSONS
 
 
Acceptance Casualty Insurance Company
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 47-0792732
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
OO (See Item 3)
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
State of Nebraska
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
150,000
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
150,000
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
150,000
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
0.27%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IC
 
 
 
 
 

CUSIP No.
629865 205
 

1
NAMES OF REPORTING PERSONS
 
 
Occidental Fire & Casualty Company of North Carolina
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 84-0513811
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
OO (See Item 3)
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
State of North Carolina
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
565,000
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
565,000
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
565,000
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
1.02%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IC
 
 
 
 
 

CUSIP No.
629865 205
 

1
NAMES OF REPORTING PERSONS
 
 
Wilshire Insurance Company
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 56-1507441
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)

(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
OO (See Item 3)
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
State of North Carolina
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
400,000
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
400,000
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
400,000
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
0.72%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IC
 
 
 
 
 

CUSIP No.
629865 205
 

1
NAMES OF REPORTING PERSONS
 
 
International Fidelity Insurance Company
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 22-1010450
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)
 
(b)
 
 
3
SEC USE ONLY
 
 
 
 
 
 
 
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
 
OO (See Item 3)
 
 
 
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
 

 
 
 
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
 
State of New Jersey
 
 
 
 
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7
SOLE VOTING POWER
 
 
0
 
 
 
 
8
SHARED VOTING POWER
 
 
210,000
 
 
 
 
9
SOLE DISPOSITIVE POWER
 
 
0
 
 
 
 
10
SHARED DISPOSITIVE POWER
 
 
210,000
 
 
 
 
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
210,000
 
 
 
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 

 
 
 
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
 
0.38%
 
 
 
 
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
IC
 
 
 
 
 

EXPLANATORY NOTE
 
This Amendment to Schedule 13D (this "Amendment 2") relates to common shares, US$0.01 par value ("Common Shares"), of Nam Tai Property Inc., a business company incorporated under the laws of the British Virgin Islands (the "Company"), and amends the report of beneficial ownership originally dated September 11, 2020, and amended on November 30, 2021.  This Amendment 2 is filed to report various transactions that resulted in an increase in the number of shares of Common Stock beneficially owned by the Reporting Persons.

The Items below amend the information disclosed under the corresponding Items of the Schedule 13D as described below. Except as specifically provided herein, this Amendment No. 2 does not modify any of the information previously reported in the Schedule 13D.

Item 2.
Identity and Background

Item 2 of the Schedule 13D is supplemented by the following:

The business address of each director and executive officer of IAT Insurance Group, Inc. is 4200 Six Forks Road Suite 1400 Raleigh, NC 27609 and each such person is a citizen of the United States. The defined term "IAT Companies" is revised to include IAT Insurance Group, Inc. The defined term "Covered Person" is revised to include each director and executive officer of IAT Insurance Group, Inc.

Item 3.
Source and Amount of Funds or Other Consideration.

Item 3 of the Schedule 13D is supplemented by the following:

The Common Shares purchased by IAT Reinsurance Company Ltd. ("IAT") at the Closing (as defined below) pursuant to the Purchase Agreement (as defined below) as described in Item 4 of this Amendment 2 were purchased from general working capital. A total of $5,000,000 was paid to acquire the 2,857,143 Common Shares at the Closing.

The information included in Item 4 is incorporated by reference into this Item 3 in respect of the additional issuance of 2,479,309 shares to IAT Insurance Group, Inc. (“IATIG”) in exchange for the cancellation of $4,338,791 of the principal and accrued but unpaid interest outstanding under a promissory note between the Company, as borrower, and IATIG, as lender, at a price per share of $1.75 (the "Exchange Transaction").

Item 4.
Purpose of Transaction
 
Item 4 of the Schedule 13D is amended and supplemented by the following:

Private Placement

On April 5, 2023, IAT and certain other purchasers (collectively, the "Purchasers") entered into a securities purchase agreement with the Company (the "Purchase Agreement"), pursuant to which the Company agreed, among other things and subject to the terms and conditions set forth in the Purchase Agreement, to issue and sell 2,857,143 Common Shares (the "Purchased Shares") to IAT, in a private placement (the "PIPE Transaction"), at a price of $1.75 per Common Share for an aggregate purchase price of $5,000,000. The PIPE Transaction closed on April 6, 2023 (the "Closing").

Pursuant to the terms of the Purchase Agreement, promptly following such time as when the Company is able to file registration statements on any available forms with the Securities and Exchange Commission (the "SEC"), the Company and the Purchasers will use their commercially reasonable efforts to enter into a registration rights agreement, in a form to be mutually agreed upon, whereby the Company shall prepare and file with the SEC a registration statement covering the resale of the Purchased Shares and any other Common Shares then held by any Purchaser or any of its affiliates for an offering to be made on a continuous basis pursuant to Rule 415 and to use its commercially reasonable efforts to cause such resale registration statement to be declared effective.

In connection with the PIPE Transaction, on April 5, 2023, IAT and the other Purchasers, severally and not together with any other Purchaser, entered into a letter agreement with the Company (the "Letter Agreement"), pursuant to which IAT agreed not to take any action that would, directly or indirectly, result in the removal of, or have the effect of removing, Yu Chunhua, the Company’s Chief Executive Officer, as the executive director and legal representative of Nam Tai Investment (Shenzhen) Co. Limited, a subsidiary of the Company in the People’s Republic of China, for a specified length of time.

Promissory Note Exchange

On April 5, 2023, the Company and IATIG entered into an Exchange and Amendment Agreement (the "Exchange Agreement") pursuant to which the Company issued 2,479,309 shares to IATIG, in exchange for the cancellation of $4,338,791 of the principal and capitalized interest outstanding under a promissory note between the Company, as borrower, and IATIG, as lender, at a price per share of $1.75.


In connection with the Exchange Agreement, the parties also amended the original promissory note by entering into an amended and restated promissory note dated April 1, 2023, with IATIG (the “Amended Promissory Note”). The Amended Promissory Note reflects the reduction in principal as discussed above, such that the principal outstanding under the Amended Promissory Note with IATIG is US $12 million. The Amended Promissory Note, among other things, extends the maturity date to January 11, 2026 and provides the Company with the option, on a go forward basis, to pay interest on the loans evidenced by the Amended Promissory Note with Common Shares of the Company calculated at the 30 day volume weighted average price.
 
The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, the Exchange Agreement and the Amended Promissory Note incorporated by reference as Exhibits to this Schedule 13D/A and incorporated into this Item 4 by reference.

Item 5.
Interest in Securities of the Issuer
 
Item 5 of Schedule 13D is amended and supplemented by the following:

As of the close of business on April 7, 2023, each the Reporting Persons may be deemed, as a group, to beneficially own an aggregate of 12,733,246 Common Shares, which represents roughly 22.90% of the 55,594,875 Common Shares outstanding as of April 7, 2023, which is the total number of Common Shares outstanding as reported to IAT after giving effect to the PIPE Transaction and the Exchange Transaction.
 
See rows (11) and (13) of the cover pages to this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons.  The percentages used in this Schedule 13D are calculated based upon 55,594,875 Common Shares outstanding immediately after giving effect to the PIPE Transaction, the Exchange Transaction and certain other transactions as provided by the Company to the Reporting Persons.
 
See rows (7) through (10) of the cover pages to this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
 
Other than as described in Item 4, the Reporting Persons did not enter into any transactions in the Common Shares within the past sixty days.
 
Item 6:
Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
 
Item 6 of the Schedule 13D is hereby amended and supplemented by the addition of the following:
 
The information disclosed in Item 4 is incorporated herein by reference.
 
Item 7:
Material to be Filed as Exhibits
 
Item 7 of the Schedule 13D is hereby supplemented as follows:
 
Exhibit
 
Description

 Amended Joint Filing Agreement and Power of Attorney of the Reporting Persons
     
 
Securities Purchase Agreement, dated April 5, 2023, by and among Nam Tai Property Inc. and each of those persons listed as a purchaser on the schedule thereto (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 6-K filed on April 7, 2023).
     
 
Exchange and Amendment Agreement, dated April 5, 2023, by and among the Nam Tai Property Inc. and IAT Insurance Group, Inc.  (incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 6-K filed on April 7, 2023).
     
99.4   Letter Agreement, dated April  5, 2023, by and among Nam Tai Property Inc., Oasis Management Company Ltd., IAT Reinsurance Company Ltd., IsZo Capital Management LP and Prescott Group Aggressive Small Cap Master Fund GP. (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 6-K filed on April 7, 2023).
     
99.5   Amended and Restated Promissory Note, dated April 1, 2023, by and among Nam Tai Property Inc. and IAT Insurance Group, Inc. (incorporated by reference to Exhibit 99.5 to the Company’s Current Report on Form 6-K filed on April 7, 2023).


SIGNATURES
 
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
 
Dated: April 7, 2023
 
   
 
/s/David Pirrung (attorney in fact)
 
Peter R. Kellogg
   
 
/s/ David Pirrung (attorney in fact)
 
Cynthia Kellogg
   
 
Goose Creek Capital, Inc.
   
 
By:
/s/David Pirrung
 
Name: David Pirrung
 
Title: Chief Financial Officer
   
 
IAT Reinsurance Company Ltd.
   
 
By:
/s/David Pirrung
 
Name: David Pirrung
 
Title: Chief Financial Officer
   
 
Kellogg Family Trust
   
 
By:
/s/ David Pirrung (attorney in fact)
 
Name: Charles K. Kellogg
 
Title: Trustee
   
 
Kirkland Trust "A"
   
 
By:
/s/ David Pirrung (attorney in fact)
 
Name: Cynthia Kellogg
 
Title: Trustee
   
 
Harco National Insurance Company
   
 
By:
/s/David Pirrung
 
Name: David Pirrung
 
Title: President
   
 
TransGuard Insurance Company of America, Inc.
   
 
By:
/s/David Pirrung
 
Name: David Pirrung
 
Title: President
   
 
Commercial Alliance Insurance Company
   
 
By:
/s/David Pirrung
 
Name: David Pirrung
 
Title: President


 
Acceptance Indemnity Insurance Company
   
 
By:
/s/David Pirrung
 
Name: David Pirrung
 
Title: President
   
 
Acceptance Casualty Insurance Company
   
 
By:
/s/David Pirrung
 
Name: David Pirrung
 
Title: President
   
 
Occidental Fire & Casualty Company of North Carolina
   
 
By:
/s/David Pirrung
 
Name: David Pirrung
 
Title: President
   
 
Wilshire Insurance Company
   
 
By:
/s/David Pirrung
 
Name: David Pirrung
 
Title: President
   
 
International Fidelity Insurance Company
 
 
By:
/s/David Pirrung
 
Name: David Pirrung
 
Title: President
   
 
Myth & Barnegat Restoration Society
   
 
By:
/s/ David Pirrung (attorney in fact)
 
Name: Peter R. Kellogg
 
Title: Director
   
 
IAT Insurance  Group, Inc.
   
 
By:
/s/David Pirrung
 
Name: David Pirrung
 
Title: Chief Financial Officer



EX-99.1 2 brhc10051235_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

JOINT FILING AGREEMENT AND POWER OF ATTORNEY

Agreement for Joint Filing of Schedule 13D and Grant of Power of Attorney

Dated April 7, 2023

Pursuant to Rule 13d-1(k)(1) of the Securities Exchange Act of 1934, as amended (the "Act"), the undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that it knows or has reason to believe that such information is inaccurate.

This Agreement may be executed in counterparts and each of such counterparts taken together shall constitute one and the same instrument.

/s/ David Pirrung (attorney in fact)
Peter R. Kellogg
 
/s/ David Pirrung (attorney in fact)
Cynthia Kellogg
 
Goose Creek Capital, Inc.
 
By: /s/David Pirrung
Name: David Pirrung
Title: Chief Financial Officer
 
IAT Reinsurance Company Ltd.
 
By: /s/David Pirrung
Name: David Pirrung
Title: Chief Financial Officer
 
Kellogg Family Trust
 
By: /s/ David Pirrung (attorney in fact)
Name: Charles K. Kellogg
Title: Trustee
 
Kirkland Trust "A"
 
By: /s/ David Pirrung (attorney in fact)
Name: Cynthia Kellogg
Title: Trustee


Harco National Insurance Company
 
By: /s/David Pirrung
Name: David Pirrung
Title: President
 
TransGuard Insurance Company of America, Inc.
 
By: /s/David Pirrung
Name: David Pirrung
Title: President
 
Commercial Alliance Insurance Company
 
By: /s/David Pirrung
Name: David Pirrung
Title: President
 
Acceptance Indemnity Insurance Company
 
By: /s/David Pirrung
Name: David Pirrung
Title: President
 
Acceptance Casualty Insurance Company
 
By: /s/David Pirrung
Name: David Pirrung
Title: President
 
Occidental Fire & Casualty Company of North Carolina
 
By: /s/David Pirrung
Name: David Pirrung
Title: President
 
Wilshire Insurance Company
 
By: /s/David Pirrung
Name: David Pirrung
Title: President
 
International Fidelity Insurance Company
 
By: /s/David Pirrung
Name: David Pirrung
Title: President


Myth & Barnegat Restoration Society
 
By: /s/ David Pirrung (attorney in fact)
Name: Peter R. Kellogg
Title: Director

The undersigned hereby constitutes and appoints David Pirrung, signing singly, the undersigned's true and lawful attorney-in-fact to:

a. execute for and on behalf of the undersigned Schedule 13D in accordance with Section 13(d) of the Act and the rules thereunder, with respect to the securities of Nam Tai Property Inc.;

b. do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Schedule 13D, complete and execute any amendment or amendments thereto, and file any such Schedule 13D or amendment with the United States Securities and Exchange Commission and any stock exchange or similar authority; and

c. take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power-of-Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever required, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, hereby ratifying and confirming all that such attorney-in-fact shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. The undersigned acknowledge that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not assuming any of the undersigned's responsibilities to comply with Section 13 of the Act.

This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Schedule 13D with respect to the undersigned's direct or indirect beneficial ownership of and/or transactions in securities of the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorney-in-fact.

This Power of Attorney shall not be revoked or terminated by any subsequent power of attorney. This Power of Attorney is not intended to revoke or terminate any prior powers of attorney. If it is determined by a court of competent jurisdiction that any provision of this Power of Attorney is invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Power of Attorney.

IAT Insurance Group, Inc.
 
By: /s/David Pirrung
Name: David Pirrung
Title: Chief Financial Officer