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0000950123-09-035176.txt : 200908140000950123-09-035176.hdr.sgml : 2009081420090814114931ACCESSION NUMBER:0000950123-09-035176CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:32CONFORMED PERIOD OF REPORT:20090813ITEM INFORMATION:Other EventsITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20090814DATE AS OF CHANGE:20090814

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:Inter-Atlantic Financial, Inc.CENTRAL INDEX KEY:0001389771STANDARD INDUSTRIAL CLASSIFICATION:ACCIDENT & HEALTH INSURANCE [6321]IRS NUMBER:000000000STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-33721FILM NUMBER:091013468

BUSINESS ADDRESS:STREET 1:400 MADISON AVENUECITY:NEW YORKSTATE:X1ZIP:10017BUSINESS PHONE:212-581-2100

MAIL ADDRESS:STREET 1:400 MADISON AVENUECITY:NEW YORKSTATE:X1ZIP:10017

8-K1c89360e8vk.htmFORM 8-K

Form 8-K

UNITED STATES
SECURITIES ANDEXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant toSection 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliestevent reported): August 13, 2009

Inter-Atlantic Financial,Inc.
(Exact name of registrant asspecified in its charter)

Delaware 001-33721 20-8237170 (State or other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

400 Madison Ave.
NewYork, NY
10017 (Address of Principal Executive Offices) (Zip Code)

Registrants telephone number,including area code: (212) 581-2000

Not applicable (Former name or former address if changed since last report.)

Check the appropriate box below if theForm 8-K filing is intended to simultaneously satisfy the filing obligation ofthe registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR230.425)

o Soliciting material pursuantto Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

1

Item8.01 OtherEvents.

Attached hereto as Exhibit99.1,which is incorporated herein by reference, is a copy of certain slides to beused in making a presentation to interested parties, including analysts,potential investors and stockholders regarding the proposed acquisition ofPatriot Risk Management, Inc. by Inter-Atlantic Financial, Inc. Thisinformation is not filed pursuant to the Securities Exchange Actand is not incorporated by reference into any Securities Act registrationstatements. Additionally, the submission of this report on Form 8-K is not anadmission as to the materiality of any information in this report that isrequired to be disclosed solely by RegulationFD. Any information in thisreport supersedes inconsistent or outdated information contained in earlierRegulationFD disclosures.

Item9.01(d).Financial Statements and Exhibits.

ExhibitNo.

Description

99.1

Slides used in presentation.

2

SIGNATURES

Pursuant to therequirements of the Securities Exchange Act of 1934, as amended, the Registranthas duly caused this Report to be signed on its behalf by the undersignedthereunto duly authorized.

INTER-ATLANTIC FINANCIAL, INC.

By: /s/ Andrew S. Lerner

Andrew S. Lerner
Chief Executive Officer

Dated: August13, 2009

3

EXHIBIT INDEX

ExhibitNo.

Description

99.1

Slides used in presentation.

4

EX-99.12c89360exv99w1.htmEXHIBIT 99.1

Exhibit 99.1

August 13, 2009

Exhibit 99.1

Disclaimer

SECURITIES LAW MATTERS

Stockholders of Inter-Atlantic Financial, Inc. ("Inter-Atlantic") are urged to read the proxy statement regarding the proposed stock purchase transaction between Inter-Atlantic and Patriot Risk Management Inc. ("Patriot") when it becomes available because it will contain important information (the "Proxy Statement"). Stockholderswill be able to obtain a free copy of the Proxy Statement, as well as other filings containing information about Inter-Atlantic and Patriot, without charge, at theSecurities and Exchange Commission's website: www.sec.gov. Copies of the Proxy Statement and other filings with the Securities and Exchange Commission canalso be obtained, without charge, by writing, e-mailing or calling Morrow & Co., LLC, 470 West Avenue, Stamford, CT 06902; email Inter-Atlantic.info@morrowco.com; or by calling 800-607-0088.

Inter-Atlantic and Patriot, their respective directors and executive officers and other persons including Morgan Joseph & Co. Inc. may be deemed to be participants inthe solicitations of proxies from the stockholders of Inter-Atlantic in respect of the proposed Inter-Atlantic-Patriot stock purchase transaction. Information regardingInter-Atlantic's directors and executive officers is available in its Form 10-K filed with the Securities and Exchange Commission on March 27, 2009 and informationregarding Patriot's directors and executive officers is available on its website: http://www.prmigroup.com. Additional information regarding the participants in theproxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement.

This presentation is being filed with the Securities Exchange Commission pursuant to Rule 14a-12 of the Securities Exchange Act of 1934.

FORWARD-LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This presentation or any other written or oralstatements made by or on behalf of Inter-Atlantic and Patriot may include forward-looking statements that reflect Inter-Atlantic's and Patriot's current views withrespect to future events and financial performance. All statements other than statements of historical fact included in this presentation are forward-looking statements.You can generally identify these statements by forward-looking words such as "may," "expect," "anticipate," "contemplate," "believe," "estimate," "intends," and"continue" or similar words. You should read statements that contain these words carefully because they discuss future expectations, contain information which couldimpact future results of operations or financial condition, or state other "forward-looking" information. Further, estimations of future gross revenue and profit areinherently unreliable. In the case of Patriot, estimates of gross revenue and profit are subject to meeting objectives with regard to business generation and increasingthe revenue generated from Patriot's alternative market and insurance services business. The alternative market revenue growth that we are seeking is expected to bederived from a limited number of larger premium accounts, and our estimated growth is dependent upon generating these larger accounts. Our growth objectiveswould be adversely affected if we are unable to generate these new accounts. We caution you that these objectives may not materialize and are not indicative of theactual results that Patriot will achieve. Many factors and future developments may cause Patriot's actual results to differ materially and significantly from theinformation contained in this presentation. For more information on these factors and future developments, see "Risk Factors" and "Forward-Looking Statements" inthe Proxy Statement when it becomes available. We believe it is important to communicate our expectations to Inter-Atlantic stockholders. However, there may beevents in the future that we are not able to accurately predict or over which we have no control. The risks, uncertainties and events that may cause actual results todiffer materially from those expectations as in the forward-looking statements, include among other things negative cash flow and losses; reliance on a limited numberof customers; continued compliance with government regulations, and changes in government regulations, legislation or regulatory environments; requirements orchanges affecting the businesses in which Patriot is engaged; actions by competitors; dependence on its key management personnel; and general economic conditions.You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. All forward-looking statementsincluded herein attributable to each of Inter-Atlantic, Patriot or any person acting on either party's behalf are expressly qualified in their entirety by the cautionarystatements contained or referred to in this section. Except to the extent required by applicable laws and regulations, Inter-Atlantic and Patriot undertake no obligationsto update these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events.

2

Executive Summary

Patriot Risk Management, Inc. ("Patriot" or "PRMI") is a rapidly growing Business ProcessOutsourcing ("BPO") firm specializing in insurance servicing, risk management and workers'compensation insurance

Premiums managed(1) growing at a CAGR of over 40%

Companies are mandated to buy workers' compensation insurance by state and federal laws

The U.S. workers' compensation insurance market was over $50 billion in 2008

Additional capital will allow Patriot to dramatically increase managed premiums and fee income,which will fuel Patriot's profitable growth

3

Premiums managed, a non-GAAP measure, refers to gross alternative market and traditional premiums written by wholly owned insurance subsidiary Guarantee InsuranceCompany, together with gross premiums written by other insurance companies for which Patriot provides general agency and underwriting services, claim services, and in certaincases, assumes a portion of the risk. For large deductible policies, premiums managed are presented gross of deductible credit

Patriot's Senior Management - Experienced Leadership

Steven Mariano, Patriot's Founder and CEO, previously founded and owned 2 highly successfulfinancial services firms. Patriot is his third entrepreneurial venture

Strategic Outsourcing Inc., a BPO firm, grew to $1 billion in revenues and was sold to RegionsBank in 2000

Tarheel Group sold a $40 million book of workers' compensation and fee-for-service business(primarily from AIG) to JPMorgan in 2004

Senior management team members have, on average, 20+ years of insurance and financial servicesexperience, with extensive public company experience at prominent workers' compensation insurersincluding AIG, Liberty Mutual and Arch Insurance Company

4

5 Growth in Managed Premiums New capital creates statutory surplus to grow managed premiums 69% from $145mm in 2009E to $245mm in 2010EPremium grows significantly, however Patriot reinsures the majority of its exposure, while retaining long term insurance servicing contracts

Increases Insurance Servicing Revenues The growth in managed premiums directly translates into increased insurance servicing revenuesInsurance services include underwriting, policy and claims administration, nurse case management, cost containment, and captive management

Use of Proceeds from Inter-Atlantic Merger

EBITDA is estimated to grow 257% from $8mm in 2009E to $29mm in 2010E

EBITDA would be expected to grow to over $20mm in 2010 even in the absence of no net new premiums

Capital Infusion from Merger with Inter-Atlantic

6

Gross premiums written grew from $0to $117.6mm from 2004 to 2008

Unconsolidated insurance servicesrevenue grew from $0 to $12.3mm

Regional

Presence

Phase 1: 2004-2008

Patriot established national "managedpremium" relationships beginning inQ2 2009

Patriot now provides insuranceservices to carriers lacking thenecessary infrastructure and expertise

National

Footprint

Phase 2: 2009-2010

Strengthened balance sheet from IANmerger is expected to drive growth inpremiums managed

Large national brokeragearrangements expected to beestablished with national footprint and"A-rated" insurers

National

Distribution &

"A" Rating

Phase 3: 2010-2011

Evolution of Patriot's Business Model

Patriot's Competitive Advantages

Highly experienced management team with a successful track record in the insurance industry

Hybrid business model and alternative market expertise that generate superior returns with lessunderwriting risk

Control of premium dollars drives fee-based subsidiaries

Efficiency allows medium-sized businesses to access alternative market (risk retention solution)

Opportune time to capture market share as a result of the credit crisis and market dislocations amonglarger insurance carriers

7

Alternative

Market

40%

Traditional

60%

2008 Patriot Business Mix

2010E Patriot Business Mix

Traditional

35%

Alternative

Market

65%

Patriot is valued at a discount to earnings estimates of 68% compared to the median peer BPO firm anda discount of 35% compared to the median peer workers' compensation insurer

Transaction terms agreed to on March 13, near 2009 market lows. The median peer BPO firm stockprice has since appreciated 44% and the median peer workers' compensation insurer stock price hassince appreciated 14%(3)

Comparable companies are listed on page 30

8

Patriot Valuation vs. Market Comparables 2009E / 2010E Revenue Growth Dividend Yield per Class A Share(1) 2010E P/E TEV / 2010E EBITDA BPO Firms Median 9.0% 0.0% 16.9x 8.6x Workers' Compensation Insurance Median 2.6% 0.0% 8.3x N/A Patriot(2) 58% 10.1% 5.6x 2.5x

Assuming a $0.20 per share quarterly dividend

Based on a stock price of $7.96 per share. Assumes 29.99% redemption and dividend on Class A stock of $2.40 over three years. Multiples per Class A share are adjusted to reflectthe value of the dividend at a present value of $2.05 per share

As of August 11, 2009

Based on a stock price of $7.96 per share and an estimated 14.8 million basic shares outstanding for 2009 and 2010. Assumes 29.99% redemption of shares and dividend on ClassA stock of $2.40 over three years. Multiples per Class A share are adjusted to reflect the value of the dividend at a present value of $2.05 per share

9

Transaction Valuation Metrics Patriot Data Patriot Data Patriot Data Patriot Data Transaction Price Multiples(1) Transaction Price Multiples(1) Transaction Price Multiples(1) Transaction Price Multiples(1) Transaction Price Multiples(1) Historical Guidance Guidance Overall Overall Per Class A Share Per Class A Share 2008 2009 2010 2009 2010 2009 2010 Premiums Managed $123 $145 $245 0.8x 0.5x 0.6x 0.4x Adjusted EBITDA $6.7 $8.1 $28.9 14.5x 4.1x 10.8x 3.0x Operating Basic EPS N/M N/M $1.05 N/M 7.6x N/M 5.6x Year-End Book Value $7 $44 $53 2.7x 2.2x 2.0x 1.7x

($ millions except per share data)

Inter-Atlantic Financial, Inc. ("Inter-Atlantic" or "IAN"), which raised $69mm in an October 2007IPO, is acquiring Patriot, a rapidly growing insurance servicing and workers' compensation insurancecarrier

Inter-Atlantic reviewed over 100 companies before selecting Patriot

The transaction provides Inter-Atlantic investors with an opportunity to participate in a rapidlygrowing BPO firm specializing in insurance servicing, risk management and workers' compensationinsurance

The combined company will operate as Patriot Risk Management, Inc. and its Class A common stockwill continue to trade publicly

Transaction Consideration

100% stock consideration

Patriot stockholders to receive 6.9 million shares of newly issued Class B common stock at theclosing of the transaction; eligible to receive up to 5 million additional shares upon the achievementof certain stock price targets over the next five years

Inter-Atlantic stockholders will become holders of Class A common stock at the closing of thetransaction, and are expected to receive a dividend of $0.20 per quarter until a maximum of $2.40 ispaid out or Class A shares close above $11 per share for an average of 20 consecutive trading days,whichever is earlier

10

Transaction Overview

11

Addressing Post-Closing Stock Trading Issues

IAN and Patriot have structured the transaction to address certain issues which have negativelyimpacted post-closing stock prices of other SPAC transactions

All outstanding IAN warrants to be redeemed

Redemption of all warrants eliminates long warrant / short stock strategy

10% annual dividend on Class A shares: expensive to short

High dividend rate provides partial liquidity for Class A shareholders

One year lock-up post-closing for all IAN sponsors and virtually all existing Patriotshareholders

Earnout shares are based solely on Class A share price; initial earnout awarded at 50%premium to current share price ($12.00) and additional earnout shares at up to 100%premium

Transaction terms set at market lows in March 2009

Patriot Risk Management Overview

13 Business Overview

Insurance Services Patriot produces, underwrites and administers workers' compensation insurance plans and provides claims case management and cost containment services for insurance companies, segregated portfolio cell captives and reinsurersPatriot offers full range of workers' compensation services provided in-house including underwriting and distribution, case management, bill review, captive management and policy and claims administrationServicing revenue grows in tandem with premiums managed"Managed premium" relationships with a national footprint being implemented S Insurance Through its wholly owned insurance company subsidiary, Guarantee Insurance Company, Patriot may also participate in a portion of the insurance underwriting risk to enhance returnsPatriot provides alternative market and traditional workers' compensation insurance to employers in all 50 statesPatriot's alternative market business serves larger, more sophisticated employers with a wide range of risk profiles, with underwriting risks largely borne by clientsPatriot's traditional business focuses on small to medium sized employers, generally in low risk industries, with underwriting risks borne by Patriot and its reinsurersRisk bearing capabilities complement "managed premium" relationships

Patriot Risk Management, Inc. - Company Overview

14

Senior Management - Experienced Leadership Steven MarianoChairman, President and CEOSince 2003 Successful entrepreneur with 22 years of experience in the insurance and financial services industryFormed Strategic Outsourcing Inc. and grew revenues to $1 billion in less than 7 yearsSold Strategic Outsourcing Inc. to Union Planters Bank/Regions Bank in 2000Sold highly successful MGA to a subsidiary of JPMorgan Chase in 2004Formed PRMI, PRS and Patriot Services in 2003 to take advantage of unique hybrid business model

Michael GrandstaffSenior Vice President and CFOSince December 2007 Served as CFO of Titan Holdings, Inc., a publicly held insurance group sold to the Travelers CompaniesFormer Treasurer and Vice-President of Finance at Meadowbrook Insurance GroupServed as CFO of a regional health insurance company from 2002 through 2007

Charlie SchuverChief Underwriting OfficerSince June 2008 Over 25 years of experience in various underwriting positionsPreviously served as senior underwriting officer of Arch Insurance CompanyField office management, countrywide line of business executive and Strategic Development officer for Royal SunAlliance

Timothy Ermatinger, CPACEO of PRS GroupSince 2006 Previously served as SVP of client services and CFO at Broadspire/Kemper NationalPreviously served as COO of Willis Corroon Third Party Administration ServicesPreviously served as VP of Operations for Summit Consulting (Liberty Mutual)Ex-Partner, PriceWaterhouseCoopers LLP

Richard TurnerSenior Vice PresidentSince September 2008 Over 25 years of experience in the alternative risk marketServed as SVP of Lexington Insurance Company (AIG), responsible for the alternative market businessServed as Executive VP at Mutual Risk Management, Ltd., a leader in alternative market solutions

Dean WattersVP of Business DevelopmentSince May 2008 Over 10 years of experience in distribution and delivery of BPO servicesPreviously served as VP/General Manager of Automatic Data Processing's insurance businessesCo-founded CyberComp, the first online workers' compensation underwriting system

15

Senior Management - Experienced Leadership Robert Zamary National Vice President of ClaimsSince 2009 Served as EVP and COO of Avizent, a national provider of workers' compensation insurance and third party policy administrationServed as VP of Self Insurance of CareWorks, the largest provider of workers' compensation managed care services in OhioServed as Regional Manager of Ohio Bureau of Workers' Compensation

Michael Sluka, CPAVice President and Chief Accounting OfficerSince 2008 Served as CFO, SVP and Treasurer of TRG Holding Corporation and TIG Insurance CompanyServed for over 20 years as a partner at KPMG

16

Workers' compensation insurance, including medical benefits and indemnity payments, is mandatedcoverage for employees under state and federal law; Patriot provides its customers with largecost-savings by allowing low risk companies to self insure with a completely outsource solution

U.S. workers' compensation is over a $50 billion market, of which over $6 billion was written byAIG; AIG's difficulties have opened new opportunities for market players; opportunities forinsurers to enter a market once dominated by AIG are facilitated by Patriot's managed premiumservices

Patriot Risk Management has built a High-Growth, High-Margin Insurance Servicing Engine

along with a Profitable Risk-Bearing Insurance Carrier

Patriot's WC Market Penetration by State(1)

New Business Drivers

WC Market GWP Growth(2)

2008 NCCI state of the line report

Benfield 2007 Market Share Report, U.S. Workers' Compensation Insurance

(2)

WC GWP ($mm)

17 Workers' Compensation Focus Patriot is exclusively focused on workers' compensation insurance services, and alternative market and traditional insurance solutionsThis focused approach helps provide superior products and services compared to multi-line carriers

Alternative Market Expertise Currently, approximately 50% of Patriot's premiums managed are alternative market solutionsSharing the underwriting risk aligns incentives between Patriot and its clients, leading to higher margins while decreasing risk

Hybrid Business Model Underwriting, distribution and claims servicing capabilities, coupled with a platform to bear risk, create a compelling value proposition for other carriersDiversification allows Patriot to move across the risk-bearing spectrum based on the underwriting cycle, market conditions and business opportunities

Market Conditions Soft underwriting market puts growing cost and line-of-business diversification pressure on large insurersThese conditions drive a growing demand for outsourced insurance services and "outside the box" solutions to control rising medical costsSeveral large dominant carriers have experienced significant capital problems due to the recent credit crisis, which has allowed Patriot to play offense, not defense

Competitive Advantages in the Workers' CompensationIndustry

18 Expand Third Party BPO Relationships Establish additional carrier relationshipsBuild national platform and access A-rated insurers as neededLeverage underwriting and claims servicing platform scalability and expertiseExtend nurse case management and bill review platform to other insurers and self-insured plans

Organic Expansion Grow market share in existing statesCapitalize on strong reputation for underwriting, customer service and claims management

Expanded Distribution Channels Extend range of traditional and alternative market brokersDevelop relationships with larger, national payroll companies

Acquisitions & Alliances Take advantage of attractive M&A environment in workers' compensation services industryAcquire complementary organizations providing general agency and underwriting, policy and claims administration and other fee-based servicesPotentially acquire niche insurance companies and/or books of business that present opportunities for insurance services synergies

Growth Strategy with Equity Infusion

National BPO Relationships

New business processing relationships with national carriers have provided Patriot with a nationalfootprint in all 50 states, versus its market of 23 jurisdictions prior to 2Q 2009

Patriot's plans to partner with "A-rated" insurers in the next six months, which will open up significantadditional opportunities with national distributors

19

New Business Drivers

2004 - 1Q 2009 presence

Complete National presence 2Q 2009 and beyond

Massachusetts

Texas

Utah

Montana

California

Arizona

Idaho

Nevada

Oregon

Iowa

Colorado

Kansas

Wyoming

New Mexico

Missouri

Minnesota

Nebraska

Oklahoma

South Dakota

Washington

Arkansas

North Dakota

Louisiana

Illinois

Ohio

Georgia

Alabama

Wisconsin

Virginia

Indiana

Michigan

Mississippi

Kentucky

Tennessee

Pennsylvania

North

Carolina

South

Carolina

West

Virginia

New Jersey

Maine

New

York

Vermont

Maryland

DC

Connecticut

Rhode Island

Delaware

New Hampshire

- -

Florida

Claims services fees are primarily a function of medical claim frequency and severity

Nurse case management - fees paid on a per claim basis

Medical cost containment and bill review - fees paid as percentage of cost savings

Captive administration - fees paid as percentage of captive premiums

Private label fronting relationships with other insurers, which include underwriting, policy andclaims administration fees as well as nurse case management and cost containment

Underwriting, distribution and captive management services capitalize on Patriot's industry expertise

20

Insurance Services Segment: Services and Performance

Unconsolidated Insurance Services Income ($mm)

Attractive margins on insuranceservices business

Services revenue is expected togrow in line with premiumsmanaged

2007-2009 Growth wasconstrained by limited capital

CAGR: 40%

Patriot has shown strong and profitable top-line growth since inception as an unrated carrier

Current dislocations in the workers' compensation insurance market have caused direct benefits to Patriot

Drive demand from other insurance carriers for Patriot's private label services

Provide attractive returns on retained insurance premiums

Patriot's innovative workers' compensation product offering including "Pay-as-you-go" distribution through payrollprocessing companies, not only provides cash flow benefits to policyholders but also high renewal rates and a simplifiedadministration process

Strict underwriting discipline has led to lower loss ratios than the industry, historically outperforming the workers'compensation industry

21

Patriot's Insurance Segment Performance

Premiums Managed ($mm)

Calendar Year Loss Ratios(1)

CAGR: 40%

Workers' compensation industry net calendar year loss ratios are shown on a statutorybasis. Source: A.M. Best Aggregates & Averages for 2006 and 2007 and preliminaryestimates from the National Council on Compensation Insurance (NCCI) for 2008

Net unrealized gains of approximately $1.0mm at June 30, 2009

AA+ average credit quality, CMBS portfolio all super-senior AAA-rated

Fixed income portfolio managed by Gen Re - New England Asset Management

Minimal non-agency residential housing exposures and de minimus subprime and Alt-A exposures

Muni portfolio focused on General Obligation and Essential Purpose revenue bonds with no California exposures

22

High Quality Investment Portfolio Investment Portfolio at June 30, 2009 : $55.1 MM Investment Portfolio at June 30, 2009 : $55.1 MM Investment Portfolio at June 30, 2009 : $55.1 MM Portfolio Mix Fixed Maturity Securities by S&P Rating

Average Quality: AA+

Average Duration: 2.96 years

MBS Sector is 100% Agency MBS

CMO Sector includes two non-Agency CMO's with a total fair value of $331,000.One of the holdings is an Alt-A security with a fair value of $82,000

Appendix

Transaction Overview

- - Business Model and Drivers

- - Historical and Projected Financials

- - Comparable Forward Trading Multiples

24

Transaction Overview TransactionParties Inter-Atlantic Financial, Inc. (NYSE Amex: IAN)Publicly traded special purpose acquisition company ("SPAC"), raised $69mm by selling 8.6mm units (1 common share and 1 warrant per unit) at $8 per unit in October 2007Patriot Risk Management, Inc.A rapidly growing BPO firm specializing in insurance servicing, risk management and workers' compensation insurance

Deal Considerations Stock for stock acquisition6.9mm shares of Inter-Atlantic class B common stock (no dividend) to Patriot stockholdersEarn-out of up to 5.0 million additional shares in 1.0 million share increments in the event that stock closes above $12, $13, $14, $15, $16 per share (for an average of 20 consecutive trading days) prior to fifth anniversaryLock-up of 12 months for substantially all current Patriot stockholdersInter-Atlantic stockholders at the time of closing will become holders of Class A common stock, which is expected to pay a dividend of $0.20 per quarter until a maximum of $2.40 is paid or Class A shares close above $11 per share for an average of 20 consecutive trading days, whichever is earlier

Corporate Governance At closing, all previous executive officers of Inter-Atlantic will resign and executive officers going forward will consist of Patriot's management teamBoard of Directors to be comprised of the current Patriot Board of Directors plus Andrew S. Lerner and Frederick S. Hammer of Inter-AtlanticStock option plan to be submitted for approval by Inter-Atlantic stockholders

Closing Conditions Warrant modificationPatriot is not obligated to complete the Transaction unless the terms of the warrants are modified with the consent of a majority of the warrant holders such that all outstanding Inter-Atlantic warrants are effectively redeemed at closing for no more than $0.50 per warrantMinimum cash conditionPatriot is not obligated to complete the Transaction unless Inter-Atlantic has a minimum of $35,000,000 in cash at closing net of transaction expenses and share/warrant redemptions

25 Insurance Services Segment Insurance Segment Insurance Segment Insurance Segment Insurance Services Segment Alternative Market Traditional Workers' Comp. Overview of Workers' Compensation Services: Claims ServicesNurse case managementBill review and cost containment

Agency and Underwriting ServicesGeneral agency servicesPrivate label underwriting services & policy and claims administrationSegregated cell captive mgt. For policyholders, agents and others who desire to share in underwriting results:Segregated portfolio cell captivesMinimal risk bearingFronting, underwriting, administration and captive management servicesLarge deductible plans and retros Guaranteed cost risk-bearing insurance plans Customer Profile: Captive insurance companiesReinsurance companiesInsurance companies on a private label basisSelf-insured plans Typically more sophisticated employersWide range of risk profilesAverage annual premium of $800k Small to medium-sized employersLow risk industriesAverage annual premium of $11k Competitive Advantages: Insurance segment synergiesLoss ratio improvementsFee revenue driven by medical costs not insurance ratesRegistered nurses on staffPreferred physician & Rx networksMonoline niche expertise Alignment of incentives with policyholders, agents and othersWealth creation vehicle for captive ownersExpertise is a substantial barrier to entry "Pay-as-you-go" distribution through payroll processing companiesCash flow benefits to policyholderAdministrative efficienciesLess sensitive to pricing cyclesHigher renewal rates

Patriot

Patriot's Hybrid Business Model - Unique Among Competitors

26

Alternative Market Demand and Expertise

Patriot's alternative market expertise, particularly with segregated portfolio cell captive reinsurancearrangements, which permit policyholders, agents and others to participate in the majority of theunderwriting risk, will continue to present compelling market opportunities

Traditional insurance makes up approximately 70% of the total $327 billioncommercial risk protection market, with alternative risk transfer solutions making upabout 30%(1)

Alternative market solutions make up roughly 43% of the total workers' compensationmarket (1)

Large companies (those with more than $1 billion in revenue) are the biggest users ofalternative risk transfer vehicles with 62% participation, however smaller companies(with less than $100mm in revenue and 18% of the total market share) are expected togrow interest in alternative risk(1)

New Business Drivers

(1) Sources: Robert P. Hartwig, President, Insurance Information Institute, 1/21/08

Estimated Growth and Earnings

27

($ thousands)

Assumes 29.99% redemption of Inter-Atlantic Financial common shares

28

Selected Historical Financial Data - Income Statement

29

Selected Historical Financial Data - Balance Sheet

30

Comparable Forward Trading Multiples

(1) Based on Bloomberg consensus estimates as of 8/10/2009

(2) Estimates for 2009 and 2010 EPS and EBITDA are not available. LTM multiples are used instead

(3) Estimates for 2009 and 2010 EBITDA are not available. LTM multiples are used instead. Stock Price and Market Cap are based on weighted average share price of Class A and B shares.

The two classes have identical economic benefits, but Class A shares have no voting rights

GRAPHIC3c89360c89360z0001.gifGRAPHIC

begin 644 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