NEW YORK, Nov. 23, 2010 /PRNewswire-FirstCall/ -- NYMAGIC,
INC. (NYSE: NYM) today announced the completion of its acquisition
by ProSight Specialty Insurance Holdings, Inc. ("ProSight Specialty
Insurance"), pursuant to a merger agreement that was approved and
adopted by NYMAGIC's stockholders at a special meeting held on
November 22, 2010. Under the
terms of the merger agreement, NYMAGIC stockholders are entitled to
receive $25.75 per share in cash.
ProSight Specialty Insurance was founded by CEO Joseph Beneducci and a group of senior
executives from the P&C industry and is backed by affiliates of
TPG Capital and GS Capital Partners, together with certain
co-investors.
With the closing of the transaction, NYMAGIC's common stock will
cease to trade on the NYSE at market close today and will be
delisted. Shortly following the closing, NYMAGIC's name will
be changed to ProSight Specialty Insurance Group, Inc.
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.
About TPG Capital
TPG Capital is the global buyout group of TPG, a leading private
investment firm founded in 1992, with more than $48 billion of assets under management and
offices in San Francisco,
Beijing, Fort Worth, Hong
Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New
York, Paris, Shanghai, Singapore and Tokyo. TPG Capital has extensive
experience with global public and private investments executed
through leveraged buyouts, recapitalizations, spinouts, growth
investments, joint ventures and restructurings. TPG's
insurance and financial services investments have included Ariel
Reinsurance, BTPN, Direct General, Endurance, Fidelity National
Information Services, LPL Financial Services, Shenzhen Development
Bank and Shriram Transport, among others.
About GS Capital Partners
Since 1986, Goldman Sachs has raised fifteen private equity and
mezzanine investment funds aggregating $86
billion of capital and leverage commitments. GS
Capital Partners is the private equity vehicle through which The
Goldman Sachs Group, Inc. conducts its large privately negotiated
corporate equity investment activities. GS Capital Partners is
currently investing its GS Capital Partners VI fund. GS Capital
Partners is a global private equity group with a focus on large,
sophisticated business opportunities in which value can be created
through leveraging the resources of Goldman Sachs. For more
information, please visit www.gs.com/pia.
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:
|
|
|
Tiberend Strategic Advisors,
Inc.
|
|
|
212-827-0020
|
|
|
Gregory Tiberend or Andrew
Mielach
|
|
|
SOURCE NYMAGIC, INC.