NYMAGIC, INC. announced that its Board of Directors had decided not to declare payments of quarterly cash dividends. The company posted a 3rd quarter loss of $17.4 million, $9 million of which was a result of losses following the attack on the World Trade Center.
The company which operates subsidiaries specializing in ocean marine, inland marine, aircraft and non-marine liability insurance, and agencies which who establish markets for them, indicated that it might consider reinstating the dividend “following improvement of the Company’s financial performance.”
Robert Bailey, CEO and Board Chairman, indicated that while the dividend was small in comparison to earnings, the company was committed to building its capital, and deploying it in ways deemed most productive for its shareholders. “The continuation of dividends presently is inconsistent with that commitment,” Bailey indicated. He said NYMAGIC would review the situation periodically, and could resume dividend payments “if circumstances warrant doing so.”|”nymagic, skip, quarterly, dividend, payments
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