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			 SECURITIES AND EXCHANGE COMMISSION
			      Washington, D.C.  20549

				    SCHEDULE 13G
			   UNDER THE EXCHANGE ACT OF 1934


		        NATIONAL ATLANTIC HOLDINGS CORPORATION
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                                 (Name of Issuer)

                      Common Stock, no par value per share
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                           (Title of Class of Securities)

                                     63253Y107
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                                  (CUSIP Number)

                                  October 31, 2005
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               (Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

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

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- -------------------------------------------------------------------------------
CUSIP NUMBER	63253Y107
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1.	NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE
	PERSONS (ENTITIES ONLY).

	Hovde Capital Advisors LLC / 03-0430205

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      	2.		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
      			(a)[ ]
			(b)[X]
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	3.		SEC Use Only

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	4.		CITIZENSHIP OR PLACE OF ORGANIZATION

			Organized: State of Delaware
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NUMBER OF		5.	SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY			0
EACH			--------------------------------------------------------
REPORTING		6.	SHARED VOTING POWER
PERSON WITH(1)
				1,123,156 shares
      			--------------------------------------------------------
			7.	SOLE DISPOSITIVE POWER

				0
      			--------------------------------------------------------
			8.	SHARED DISPOSITIVE POWER

				1,123,156 shares

- -------------------------------------------------------------------------------
	9.		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
			REPORTING PERSON

      			1,123,156 shares
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	10.		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
			CERTAIN SHARES (see Instructions). [  ]
- -------------------------------------------------------------------------------
	11.		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

			10.3%
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	12.		TYPE OF REPORTING PERSON

			IA
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(1) The 1,123,156 Shares beneficially owned by Hovde Capital Advisors LLC are as
Investment Manager to certain managed accounts, which are the direct owners of
the Shares.

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Item 1.

      The Name of the Issuer is National Atlantic Holdings Corporation (the
"Issuer").  The address of the Issuer's Principal Executive Offices is
4 PARAGON WAy, FREEHOLD, NJ 07728.

Item 2.

      The person filing this statement is Hovde Capital Advisors LLC (the
"Investment Manager" or "Reporting Person"), and the address of its Principal
Business Office is 1826 Jefferson Place, N.W., Washington, D.C. 20036.  The
Reporting Person is a limited liability company organized under the laws of the
State of Delaware.  Eric D. Hovde and Steven D. Hovde, members, officers/and or
directors of the Investment Manager, have filed a Schedule 13G concurrently
herewith reporting beneficial ownership of the securities reported herein as
being beneficially owned by the Investment Manager.  The class of securities
to which this statement relates is the Issuer's common stock, no par value
per share (the "Securities" or "Shares").  The CUSIP number of the Securities
is 63253Y107.  The Investment Manager manages certain accounts (the "managed
Accounts"), which are the direct owners of the Securities.

Item 3.  If this statement is filed pursuant to sections 240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:

(a)[ ] 	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
(b)[ ] 	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c)[ ] 	Insurance company as defined in section 3(a)(19) of the Act (15
	U.S.C. 78c).
(d)[ ] 	Investment company registered under section 8 of the Investment
	Company Act of 1940 (15 U.S.C.80a-8).
(e)[X] 	An investment adviser in accordance with Section 240.13d-1(b)(1)(ii)(E);
(f)[ ] 	An employee benefit plan or endowment fund in accordance with section
	240.13d-1(b)(1)(ii)(F);
(g)[ ] 	A parent holding company or control person in accordance with section
	240.13d-1(b)(1)(ii)(G);
(h)[ ] 	A savings associations as defined in Section 3(b) of the Federal
	Deposit Insurance Act (12 U.S.C. 1813);
(i)[ ] 	A church plan that is excluded from the definition of an investment
	company under section 3(c)(14) of the Investment Company Act of 1940
	(15 U.S.C. 80a-3);
(j)[ ] 	Group, in accordance with section 240.13d-1(b)(1)(ii)(J).

Item 4.  Ownership

	Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

	(a) Amount beneficially owned: 1,123,156.
 	(b) Percent of class: 10.3%.
	(c) Number of shares as to which the person has:
		(i) 	Sole power to vote or to direct the vote: 0.
		(ii) 	Shared power to vote or direct the vote: 1,123,156.
		(iii) 	Sole power to dispose or to direct the disposition
			of: 0.
		(iv) 	Shared power to dispose or to direct the disposition
			of: 1,123,156.

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Item 5.  Ownership of Five Percent or Less of a Class

	If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [ ].

Item 6.  Ownership of More than Five Percent on Behalf of Another Person

	The Managed Accounts are the direct owners of the Securities and have the
right to receive and/or the power to direct the receipt of dividends from, or
the proceeds from the sale of, the Securities.  None of the Managed Accounts
individually own, directly or beneficially, more than five percent of the class
of the Securities.

Item 7.  Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company

	Not Applicable

Item 8.  Identification and Classification of Members of the Group

	Not Applicable

Item 9.  Notice of Dissolution of Group

	Not Applicable

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Item 10.  Certification

	By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired and are held in the
ordinary course of business and were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose
or effect.

				SIGNATURE

	After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

   							11/2/05
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      							Date


						HOVDE CAPITAL ADVISORS LLC


      						BY:  /s/ Eric D. Hovde
      						----------------------------
      						Eric D. Hovde
      						Its: President & CEO

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