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<TITLE>S-8</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As
filed with the Securities and Exchange Commission on October 13, 2005</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Registration No.&nbsp;333-&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</B>
</DIV>

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center"><DIV style="font-size: 1pt; margin-top: 1pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 1pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 1pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>NATIONAL ATLANTIC<BR>
HOLDINGS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD align="center" valign="top"><B>New Jersey<BR>
(State of Other Jurisdiction of<BR>
Incorporation or Organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22-3316586<BR>
(I.R.S. Employer Identification No.)</B></TD>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>4 Paragon Way<BR>
Freehold, NJ 07728<BR>
(732)&nbsp;665-1100<BR>
(Address, including zip code, and telephone number, including area code, of<BR>
registrant&#146;s principal executive offices)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>National Atlantic Holdings Corporation<BR>
Nonstatutory Stock Option Agreements for the<BR>
Estate of Frank P. Campion<BR>
(Full title of the plan)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>James V. Gorman<BR>
Chairman and Chief Executive Officer<BR>
National Atlantic Holdings Corporation<BR>
4 Paragon Way<BR>
Freehold, NJ 07728<BR>
(732)&nbsp;665-1100<BR>
(Name, address, including zip code, and telephone number,<BR>
including area code, of agent for service)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="1%">&nbsp;</TD>
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    <TD nowrap align="left" colspan="15" style="border-bottom: 3px solid #000000">&nbsp;</TD>
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<TD width="1%" style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
<TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD width="1%" style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="center"><B>Title of Each Class of</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to Be Registered </B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Offering Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
<TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
<TD width="1%" style="border-left: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="center"><B>Securities to Be Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>(1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering Price Per Share (2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B> (2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registration Fee</B></TD>
<TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
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<TD width="1%" align=center style="border-left: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
                    <TD align=center style="border-top: 2px solid #000000">
Common Stock, no par value per share</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">202,100 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$11.58</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$2,340,318</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$275.46</TD>
    <TD width="1%" style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>


</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

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</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

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    <TD width="96"></TD>
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<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>In addition, pursuant to Rule 416(a) under the Securities Act of 1933, this registration
statement also covers an indeterminate amount of shares of Common Stock that may be offered or
sold as a result of any adjustments from stock splits, stock dividends or similar events.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee in accordance with Rule
457(h)(1) on the basis of the average of the high and low prices of the Common Stock as reported on
the Nasdaq on October&nbsp;10, 2005.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003"> Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004"> Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005"> Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006"> Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007"> Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008"> Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010"> INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="y13400exv5w1.htm">EX-5.1: OPINION OF PATRICIA M. FORSYTH
</A></TD></TR>
<TR><TD colspan="9"><A HREF="y13400exv23w1.htm">EX-23.1: CONSENT OF DELOITTE & TOUCHE LLP</A></TD></TR>
</TABLE>
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<!-- link1 "PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The document(s) containing the information specified by Part&nbsp;I of this Form S-8 registration
statement (the &#147;Registration Statement&#148;) will be sent or given to participants in the plan listed
on the cover of this Registration Statement (the &#147;Plan&#148;) as specified in Rule&nbsp;428(b)(1) promulgated
by the Securities and Exchange Commission (the &#147;SEC&#148;) under the Securities Act of 1933, as amended
(the &#147;Act&#148;). Such document(s) are not being filed with the SEC either as part of this Registration
Statement or as prospectuses or prospectus supplements pursuant to Rule&nbsp;424 but taken together
(along with the documents incorporated by reference in this Registration Statement pursuant to Item
3 of Part&nbsp;II hereof) constitute a prospectus that meets the requirements of Section 10(a) of the
Act.
</DIV>

<!-- link1 "PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;3. Incorporation of Documents by Reference.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents are incorporated herein by reference as of their respective dates of
filing:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The prospectus of National Atlantic Holdings Corporation (the &#147;Company&#148;)
filed pursuant to Rule 424(b) under the Act with the SEC on April&nbsp;20, 2005 in
connection with the Company&#146;s Registration Statement on Form S-1 (File No.&nbsp;333-117804)
which contains audited financial statements for the Company&#146;s fiscal year ended
December&nbsp;31, 2004;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Quarterly Reports on Form 10-Q for the quarter ended March&nbsp;31,
2005, filed on May&nbsp;24, 2005, and for the quarter ended June&nbsp;30, 2005, filed on August
15, 2005, the Company&#146;s Amended Quarterly Reports on Form 10-Q/A for the quarter ended
March&nbsp;31, 2005, filed on May&nbsp;25, 2005 and August&nbsp;24, 2005, respectively, and the
Company&#146;s Current Reports on Form 8-K filed with the SEC on June&nbsp;15, 2005, July&nbsp;14,
2005, July&nbsp;20, 2005, September&nbsp;7, 2005, September&nbsp;20, 2005, September&nbsp;23, 2005,
September&nbsp;26, 2005 and September&nbsp;27, 2005; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Company&#146;s Common Stock contained in the Company&#146;s
Registration Statement on Form 8-A (File No.&nbsp;000-51127) filed on April&nbsp;19, 2005.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Company pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), prior to the filing
of a post-effective amendment which indicates that all securities offered hereunder have been sold
or which deregisters all securities then remaining unsold hereunder, shall be deemed to be
incorporated by reference herein and to be a part hereof from the date of filing of such documents.
</DIV>

<!-- link2 " Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;4. Description of Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<!-- link2 " Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;5. Interests of Named Experts and Counsel.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<!-- link2 " Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;6. Indemnification of Directors and Officers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;14A:2-7(3) of the New Jersey Business Corporation Act, which we refer to as the NJBCA,
permits New Jersey corporations to eliminate or limit the liability of directors and officers to
the
</DIV>


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">corporation or its shareholders for breach of any duty owed to the corporation or its shareholders,
except for any breach of duty based upon an act or omission (a)&nbsp;in breach of such director&#146;s or
officer&#146;s duty of loyalty to the corporation or its shareholders, (b)&nbsp;not in good faith or involving
a knowing violation of law or (c)&nbsp;resulting in receipt by the directors or officers of an improper
personal benefit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;14A:3-5 of the NJBCA permits each New Jersey business corporation to indemnify a
&#147;corporate agent&#148; against expenses and liabilities in connection with any proceeding involving the
corporate agent by reason of his being or having been such a corporate agent, other than a
proceeding by or in the right of the corporation (unless the corporate agent shall have been
adjudged not liable to the corporation or shall have been adjudged liable, but in view of all the
circumstances in the case, the court in which such proceeding was brought shall determine that such
corporate agent is fairly and reasonably entitled to indemnity), if such corporate agent acted in
good faith and in a manner which he or she reasonably believed to be in or not opposed to the best
interests of the corporation, and with respect to any criminal proceeding, if he or she had no
reasonable cause to believe his or her conduct was unlawful. Such indemnification may be made by
the corporation only as authorized in a specific case upon a determination (by the board of
directors of the corporation, a committee thereof, independent legal counsel via a written opinion
or by the shareholders &#091;if the certificate of incorporation or bylaws of the corporation, or a
resolution of the board of directors or a resolution of the shareholders so directs&#093;) that
indemnification is proper because the corporate agent has met the applicable standard of conduct.
The NJBCA defines a &#147;corporate agent&#148; as any person who is or was a director, officer, employee or
agent of the indemnifying corporation or of any constituent corporation absorbed by the
indemnifying corporation in a consolidation or merger and any person who is or was a director,
officer, trustee, employee or agent of any other enterprise, serving as such at the request of the
indemnifying corporation, or of any such constituent corporation, or the legal representative of
any such director, officer, trustee, employee or agent. To the extent that a corporate agent has
been successful on the merits or otherwise in defense of any action, suit or proceeding referred to
in NJBCA Section&nbsp;14A:3-5(2) or (3), or in defense of any claim, issue or matter therein, he or she
shall be indemnified by the corporation against expenses in connection therewith. Such expenses may
be paid by the corporation in advance of the final disposition of the action, suit or proceeding as
authorized by the board of directors of the corporation upon receipt of an undertaking by or on
behalf of the corporate agent to repay such amount if it is ultimately determined that such person
is not entitled to indemnification.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Certificate of Incorporation provides that our directors and officers will not be
personally liable to us or our shareholders for monetary damages resulting from breaches of their
fiduciary duty as directors or officers, except for liability for any breach of duty based upon an
act or omission which is either (a)&nbsp;in breach of the director&#146;s or officer&#146;s duty of loyalty to us
or our shareholders, (b)&nbsp;not in good faith or involves a knowing violation of law under Section
14A:6-12 of the NJBCA (which governs directors&#146; liability in declaration of dividends, share
repurchase and liquidation of the corporation, among others), or (c)&nbsp;resulting in the director&#146;s or
officer&#146;s receipt of an improper personal benefit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;14A:3-5(9) of the NJBCA provides that any corporate agent may be insured by insurance
purchased and maintained by the corporation against any expenses incurred in any proceeding and any
liabilities asserted against him or her in his or her capacity as a corporate agent, whether or not
the corporation would have the power to indemnify him or her against any such expenses and
liabilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have entered into indemnification agreements with each of our directors and executive
officers which provide for indemnification against judgments, fines, amounts paid in settlement and
other liabilities and expenses, to the fullest extent permitted by law. The indemnification is
available, provided that such person acted in good faith and in a manner such person reasonably
believed to be in or not opposed to our best interest, and with respect to any criminal proceeding,
if such person had no reasonable cause to believe such conduct was unlawful.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain insurance that provides for indemnification of our officers and directors and
certain other persons against liabilities and expenses incurred by any of them in certain stated
proceedings and under certain stated conditions.
</DIV>


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link2 " Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;7. Exemption from Registration Claimed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<!-- link2 " Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;8. Exhibits.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Index to Exhibits following signature page.
</DIV>

<!-- link2 " Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;9. Undertakings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be reflected in
the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes
in volume and price represent no more than a 20&nbsp;percent change in the maximum aggregate offering
price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective registration
statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such information in
the registration statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided, however, that the undertakings set forth in paragraphs (a)(1)(i) and (a)(1)(ii) above do
not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the SEC by the registrant
pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act that are incorporated by reference in
the registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby further undertakes that, for purposes of determining any
liability under the Act, each filing of the registrant&#146;s annual report pursuant to Section 13(a) or
Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Act may be permitted to
directors, officers and controlling persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of SEC such indemnification is
against public policy as expressed in the Act and is, therefore, unenforceable. In the event that
a claim for
</DIV>


<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Act and will be governed by the final adjudication of such issue.
</DIV>



<P align="center" style="font-size: 10pt">5
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Act, the registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused
this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Freehold, the state of New Jersey, on this
13<SUP style="font-size: 85%; vertical-align: text-top">th</sup> day of October, 2005.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>NATIONAL ATLANTIC HOLDINGS CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;James V. Gorman</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">James V. Gorman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chairman of the Board of Directors and Chief<BR>
Executive Officer</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Act, this Registration Statement has been signed by the
following persons in the capacities and on the dates indicated:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;&nbsp;James&nbsp;V. Gorman<BR><DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
James V. Gorman</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chairman of the Board of Directors
and Chief Executive Officer
(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 13, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;&nbsp;Frank J. Prudente<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Frank J. Prudente</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Executive Vice President &#150; Corporate
Finance (Principal Financial and
Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 13, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;&nbsp;Peter A. Cappello, Jr.<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Peter A. Cappello, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 13, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;&nbsp;Martin I.
Krupnick, Psy.D.<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Martin I. Krupnick, Psy.D.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October&nbsp;6, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;&nbsp;Thomas M. Mulhare<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Thomas M. Mulhare</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 13, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;&nbsp;Thomas J. Sharkey, Sr.<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Thomas J. Sharkey, Sr.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 13, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">6
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;&nbsp;Steven V. Stallone<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Steven V. Stallone</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 13, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp;&nbsp;Candace L. Straight<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Candace L. Straight</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">October 13, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">7
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<!-- link1 " INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Amended and Restated Certificate of Incorporation of National
Atlantic Holdings Corporation(1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Amended and Restated Bylaws of National Atlantic Holdings
Corporation(1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Stock Certificate for the Common Stock(1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Share Repurchase Agreement, between the Registrant and Partner Agents
of Proformance Insurance Company(1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investor Rights Agreement, dated December&nbsp;18, 2001, among the Registrant, The
Ohio Casualty Insurance Company and James V. Gorman(1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Letter Agreement, dated July&nbsp;10, 2004, among the Registrant, Proformance
Insurance Company, The Ohio Casualty Insurance Company and Ohio Casualty of New
Jersey(1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Share Repurchase Agreement, dated October&nbsp;25, 1994, between James V. Gorman
and the Registrant(1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Share Repurchase Agreement, dated December&nbsp;8, 2003, between the Registrant
and Metropolitan Property and Casualty Insurance Company(1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Letter Agreement, dated December&nbsp;7, 2004, among the Registrant, Proformance
Insurance Company, The Ohio Casualty Insurance Company and Ohio Casualty of New
Jersey(1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Letter Agreement, dated April&nbsp;8, 2005 among the Registrant, Proformance
Insurance Company, The Ohio Casualty Insurance Company and Ohio Casualty of New
Jersey(1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>National Atlantic Holdings Corporation Form of Nonstatutory Stock Option
Agreement for Certain Stock Options Granted to the Estate of Mr.&nbsp;Frank Campion(2)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1) Incorporated by reference from the Company&#146;s Form S-1 Registration Statement
filed July&nbsp;30, 2004, as amended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(2) Incorporated by reference from the Company&#146;s Current Report on Form 8-K filed
September&nbsp;23, 2005.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;OPINION RE LEGALITY</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Patricia M. Forsyth</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(23)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CONSENTS OF EXPERTS AND COUNSEL</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Deloitte &#038; Touche LLP</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Patricia M. Forsyth (contained in opinion filed as Exhibit&nbsp;5.1)</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">8

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S-8
Table of Contents
As
filed with the Securities and Exchange Commission on October 13, 2005
Registration No. 333-_________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
NATIONAL ATLANTIC
HOLDINGS CORPORATION
(Exact name of registrant as specified in its charter)
New Jersey
(State of Other Jurisdiction of
Incorporation or Organization)
22-3316586
(I.R.S. Employer Identification No.)
4 Paragon Way
Freehold, NJ 07728
(732) 665-1100
(Address, including zip code, and telephone number, including area code, of
registrant's principal executive offices)
National Atlantic Holdings Corporation
Nonstatutory Stock Option Agreements for the
Estate of Frank P. Campion
(Full title of the plan)
James V. Gorman
Chairman and Chief Executive Officer
National Atlantic Holdings Corporation
4 Paragon Way
Freehold, NJ 07728
(732) 665-1100
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Title of Each Class of
Amount to Be Registered
Proposed Maximum
Aggregate Offering Price
Amount of
Securities to Be Registered
(1)
Offering Price Per Share (2)
(2)
Registration Fee
Common Stock, no par value per share
202,100 shares
$11.58
$2,340,318
$275.46
(1)
In addition, pursuant to Rule 416(a) under the Securities Act of 1933, this registration
statement also covers an indeterminate amount of shares of Common Stock that may be offered or
sold as a result of any adjustments from stock splits, stock dividends or similar events.
(2)
Estimated solely for the purpose of calculating the registration fee in accordance with Rule
457(h)(1) on the basis of the average of the high and low prices of the Common Stock as reported on
the Nasdaq on October 10, 2005.
TABLE OF CONTENTS
PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
INDEX TO EXHIBITS
EX-5.1: OPINION OF PATRICIA M. FORSYTH
EX-23.1: CONSENT OF DELOITTE & TOUCHE LLP
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The document(s) containing the information specified by Part I of this Form S-8 registration
statement (the "Registration Statement") will be sent or given to participants in the plan listed
on the cover of this Registration Statement (the "Plan") as specified in Rule 428(b)(1) promulgated
by the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended
(the "Act"). Such document(s) are not being filed with the SEC either as part of this Registration
Statement or as prospectuses or prospectus supplements pursuant to Rule 424 but taken together
(along with the documents incorporated by reference in this Registration Statement pursuant to Item
3 of Part II hereof) constitute a prospectus that meets the requirements of Section 10(a) of the
Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents are incorporated herein by reference as of their respective dates of
filing:
(a)
The prospectus of National Atlantic Holdings Corporation (the "Company")
filed pursuant to Rule 424(b) under the Act with the SEC on April 20, 2005 in
connection with the Company's Registration Statement on Form S-1 (File No. 333-117804)
which contains audited financial statements for the Company's fiscal year ended
December 31, 2004;
(b)
The Company's Quarterly Reports on Form 10-Q for the quarter ended March 31,
2005, filed on May 24, 2005, and for the quarter ended June 30, 2005, filed on August
15, 2005, the Company's Amended Quarterly Reports on Form 10-Q/A for the quarter ended
March 31, 2005, filed on May 25, 2005 and August 24, 2005, respectively, and the
Company's Current Reports on Form 8-K filed with the SEC on June 15, 2005, July 14,
2005, July 20, 2005, September 7, 2005, September 20, 2005, September 23, 2005,
September 26, 2005 and September 27, 2005; and
(c)
The description of the Company's Common Stock contained in the Company's
Registration Statement on Form 8-A (File No. 000-51127) filed on April 19, 2005.
All documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing
of a post-effective amendment which indicates that all securities offered hereunder have been sold
or which deregisters all securities then remaining unsold hereunder, shall be deemed to be
incorporated by reference herein and to be a part hereof from the date of filing of such documents.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Section 14A:2-7(3) of the New Jersey Business Corporation Act, which we refer to as the NJBCA,
permits New Jersey corporations to eliminate or limit the liability of directors and officers to
the
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corporation or its shareholders for breach of any duty owed to the corporation or its shareholders,
except for any breach of duty based upon an act or omission (a) in breach of such director's or
officer's duty of loyalty to the corporation or its shareholders, (b) not in good faith or involving
a knowing violation of law or (c) resulting in receipt by the directors or officers of an improper
personal benefit.
Section 14A:3-5 of the NJBCA permits each New Jersey business corporation to indemnify a
"corporate agent" against expenses and liabilities in connection with any proceeding involving the
corporate agent by reason of his being or having been such a corporate agent, other than a
proceeding by or in the right of the corporation (unless the corporate agent shall have been
adjudged not liable to the corporation or shall have been adjudged liable, but in view of all the
circumstances in the case, the court in which such proceeding was brought shall determine that such
corporate agent is fairly and reasonably entitled to indemnity), if such corporate agent acted in
good faith and in a manner which he or she reasonably believed to be in or not opposed to the best
interests of the corporation, and with respect to any criminal proceeding, if he or she had no
reasonable cause to believe his or her conduct was unlawful. Such indemnification may be made by
the corporation only as authorized in a specific case upon a determination (by the board of
directors of the corporation, a committee thereof, independent legal counsel via a written opinion
or by the shareholders [if the certificate of incorporation or bylaws of the corporation, or a
resolution of the board of directors or a resolution of the shareholders so directs]) that
indemnification is proper because the corporate agent has met the applicable standard of conduct.
The NJBCA defines a "corporate agent" as any person who is or was a director, officer, employee or
agent of the indemnifying corporation or of any constituent corporation absorbed by the
indemnifying corporation in a consolidation or merger and any person who is or was a director,
officer, trustee, employee or agent of any other enterprise, serving as such at the request of the
indemnifying corporation, or of any such constituent corporation, or the legal representative of
any such director, officer, trustee, employee or agent. To the extent that a corporate agent has
been successful on the merits or otherwise in defense of any action, suit or proceeding referred to
in NJBCA Section 14A:3-5(2) or (3), or in defense of any claim, issue or matter therein, he or she
shall be indemnified by the corporation against expenses in connection therewith. Such expenses may
be paid by the corporation in advance of the final disposition of the action, suit or proceeding as
authorized by the board of directors of the corporation upon receipt of an undertaking by or on
behalf of the corporate agent to repay such amount if it is ultimately determined that such person
is not entitled to indemnification.
Our Certificate of Incorporation provides that our directors and officers will not be
personally liable to us or our shareholders for monetary damages resulting from breaches of their
fiduciary duty as directors or officers, except for liability for any breach of duty based upon an
act or omission which is either (a) in breach of the director's or officer's duty of loyalty to us
or our shareholders, (b) not in good faith or involves a knowing violation of law under Section
14A:6-12 of the NJBCA (which governs directors' liability in declaration of dividends, share
repurchase and liquidation of the corporation, among others), or (c) resulting in the director's or
officer's receipt of an improper personal benefit.
Section 14A:3-5(9) of the NJBCA provides that any corporate agent may be insured by insurance
purchased and maintained by the corporation against any expenses incurred in any proceeding and any
liabilities asserted against him or her in his or her capacity as a corporate agent, whether or not
the corporation would have the power to indemnify him or her against any such expenses and
liabilities.
We have entered into indemnification agreements with each of our directors and executive
officers which provide for indemnification against judgments, fines, amounts paid in settlement and
other liabilities and expenses, to the fullest extent permitted by law. The indemnification is
available, provided that such person acted in good faith and in a manner such person reasonably
believed to be in or not opposed to our best interest, and with respect to any criminal proceeding,
if such person had no reasonable cause to believe such conduct was unlawful.
We maintain insurance that provides for indemnification of our officers and directors and
certain other persons against liabilities and expenses incurred by any of them in certain stated
proceedings and under certain stated conditions.
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Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
See Index to Exhibits following signature page.
Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Act;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be reflected in
the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes
in volume and price represent no more than a 20 percent change in the maximum aggregate offering
price set forth in the "Calculation of Registration Fee" table in the effective registration
statement;
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such information in
the registration statement;
provided, however, that the undertakings set forth in paragraphs (a)(1)(i) and (a)(1)(ii) above do
not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the SEC by the registrant
pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in
the registration statement.
(2) That, for the purpose of determining any liability under the Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby further undertakes that, for purposes of determining any
liability under the Act, each filing of the registrant's annual report pursuant to Section 13(a) or
Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Act may be permitted to
directors, officers and controlling persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of SEC such indemnification is
against public policy as expressed in the Act and is, therefore, unenforceable. In the event that
a claim for
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indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Act and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Act, the registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused
this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Freehold, the state of New Jersey, on this
13
th
day of October, 2005.
NATIONAL ATLANTIC HOLDINGS CORPORATION
By:
/s/  James V. Gorman
James V. Gorman
Chairman of the Board of Directors and Chief
Executive Officer
Pursuant to the requirements of the Act, this Registration Statement has been signed by the
following persons in the capacities and on the dates indicated:
Name
Title
Date
/s/  James V. Gorman
James V. Gorman
Chairman of the Board of Directors
and Chief Executive Officer
(Principal Executive Officer)
October 13, 2005
/s/  Frank J. Prudente
Frank J. Prudente
Executive Vice President – Corporate
Finance (Principal Financial and
Accounting Officer)
October 13, 2005
/s/  Peter A. Cappello, Jr.
Peter A. Cappello, Jr.
Director
October 13, 2005
/s/  Martin I.
Krupnick, Psy.D.
Martin I. Krupnick, Psy.D.
Director
October 6, 2005
/s/  Thomas M. Mulhare
Thomas M. Mulhare
Director
October 13, 2005
/s/  Thomas J. Sharkey, Sr.
Thomas J. Sharkey, Sr.
Director
October 13, 2005
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Name
Title
Date
/s/  Steven V. Stallone
Steven V. Stallone
Director
October 13, 2005
/s/  Candace L. Straight
Candace L. Straight
Director
October 13, 2005
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INDEX TO EXHIBITS
(4)
INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS
4.1
Form of Amended and Restated Certificate of Incorporation of National
Atlantic Holdings Corporation(1)
4.2
Form of Amended and Restated Bylaws of National Atlantic Holdings
Corporation(1)
4.3
Form of Stock Certificate for the Common Stock(1)
4.4
Form of Share Repurchase Agreement, between the Registrant and Partner Agents
of Proformance Insurance Company(1)
4.5
Investor Rights Agreement, dated December 18, 2001, among the Registrant, The
Ohio Casualty Insurance Company and James V. Gorman(1)
4.6
Letter Agreement, dated July 10, 2004, among the Registrant, Proformance
Insurance Company, The Ohio Casualty Insurance Company and Ohio Casualty of New
Jersey(1)
4.7
Share Repurchase Agreement, dated October 25, 1994, between James V. Gorman
and the Registrant(1)
4.8
Share Repurchase Agreement, dated December 8, 2003, between the Registrant
and Metropolitan Property and Casualty Insurance Company(1)
4.9
Letter Agreement, dated December 7, 2004, among the Registrant, Proformance
Insurance Company, The Ohio Casualty Insurance Company and Ohio Casualty of New
Jersey(1)
4.10
Letter Agreement, dated April 8, 2005 among the Registrant, Proformance
Insurance Company, The Ohio Casualty Insurance Company and Ohio Casualty of New
Jersey(1)
4.11
National Atlantic Holdings Corporation Form of Nonstatutory Stock Option
Agreement for Certain Stock Options Granted to the Estate of Mr. Frank Campion(2)
(1) Incorporated by reference from the Company's Form S-1 Registration Statement
filed July 30, 2004, as amended.
(2) Incorporated by reference from the Company's Current Report on Form 8-K filed
September 23, 2005.
(5)
OPINION RE LEGALITY
5.1
Opinion of Patricia M. Forsyth
(23)
CONSENTS OF EXPERTS AND COUNSEL
23.1
Consent of Deloitte & Touche LLP
23.2
Consent of Patricia M. Forsyth (contained in opinion filed as Exhibit 5.1)
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