NEW YORK, Nov. 22, 2010 /PRNewswire-FirstCall/ --
Shareholders of NYMAGIC, INC. (NYSE: NYM) voted to approve and
adopt the merger agreement with ProSight Specialty Insurance
Holdings, Inc. ("ProSight Specialty Insurance") at a special
shareholders meeting held today.
Based upon the preliminary tally of shares voted at the special
meeting of shareholders, 7,326,506 shares were voted at the
meeting, representing 86.2% of NYMAGIC's outstanding voting shares.
A total of 7,085,243, or 83.4%, of the outstanding voting shares of
NYMAGIC voted in favor of the approval and adoption of the merger
agreement.
The merger is expected to close on November 23, 2010. Following the closing of the
merger, NYMAGIC's shareholders will be entitled to receive
$25.75 per share in cash, without
interest, for each share of NYMAGIC common stock held.
About NYMAGIC
NYMAGIC, INC. is an insurance holding company whose property and
casualty insurance subsidiaries specialize in underwriting ocean
marine, inland marine and non-marine liability insurance, and whose
agency subsidiaries specialize in establishing markets for such
business.
About ProSight Specialty Insurance
ProSight Specialty Insurance is a specialty P&C insurance
company that aims to create and deliver specialized solutions for
groups of customers through limited, exclusive distribution
partners. The company's employees have a long history of
underwriting, operations, distribution and claims experience.
Forward-Looking Information
This communication may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements include all statements other
than those made solely with respect to historical fact.
Forward-looking statements are only predictions and are not
guarantees of performance. Numerous risks, uncertainties and other
factors may cause actual results to differ materially from those
expressed in any forward-looking statements. NYMAGIC undertakes no
obligation to revise or update any forward-looking statements, or
to make any other forward-looking statements, whether as a result
of new information, future results or otherwise.
|
CONTACTS:
|
|
|
George R. Trumbull,
212-551-0610
|
|
|
or
|
|
|
Tiberend Strategic Advisors,
Inc.
|
|
|
212-827-0020
|
|
|
Gregory Tiberend or Andrew
Mielach
|
|
|
SOURCE NYMAGIC, INC.