NYMAGIC, INC. Reinstates Dividend, Appoints New Independent Director

March 14, 2003

The Board of Directors of NYMAGIC, INC. announced that it has declared a dividend to shareholders of six cents per share, payable on April 8, 2003, to shareholders of record on March 31, 2003. The Board also announced the appointment of John T. Baily as an additional director and expanded the board membership to twelve directors.

Baily was the National Insurance Chairman of Coopers & Lybrand from 1986-1996 and a member of Coopers’ International Insurance Industry Committee from 1984-1998. “He had considerable experience in auditing property and casualty insurance companies during his distinguished accounting career. Upon his retirement from PricewaterhouseCoopers, Mr. Baily served as President of Swiss Re Capital Partners from 1999-2002,” said the bulletin.

George R. Trumbull, Chairman and CEO, commented, “We are pleased with the announcement that our Company is again in a position to pay a dividend to shareholders. This represents another important step in the road to recovery for our Company and in delivering value to our shareholders.”

He also stated “We welcome John Baily as a tremendous addition to our board. John brings to our Company many years of insurance industry experience and will further expand the knowledge and breadth of our board.”

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