NYMAGIC to Take Over Southern Marine and Aviation Program

August 22, 2003

NYMAGIC, Inc. announced that its insurance subsidiary, New York Marine And General Insurance Company, would assume the new and renewal business written under a primary marine cargo program managed by Southern Marine & Aviation, Inc., effective immediately.

Chairman and CEO, George Trumbull, stated, “Our involvement with Southern Marine is in keeping with our strategy of complementing our core book of business with carefully chosen programs that are tightly controlled, seasoned, niche books of business. Southern Marine is one of the premier cargo underwriting facilities and a recognized world leader in the underwriting of petroleum and bulk liquid accounts. Under this program we expect to add in excess of $20 million in new cargo premium over the next twelve months.

“I am very excited about working in partnership with Southern Marine to build our marine cargo business. Bringing together two operations with such expertise, knowledge and history in the marine insurance sector presents a unique opportunity,” he added. “I know that the staff at Southern Marine is as excited as we are about working together and continuing to meet the needs of our customers across the globe.”

NYMAGIC’s Chief Underwriting Officer, Mark Blackman, remarked, “We look forward to working with Southern Marine’s President, John Tuley, and their underwriters. The two senior cargo underwriters at Mutual Marine Office (NYMAGIC’s wholly owned underwriting manager) and the three senior cargo underwriters at Southern Marine have combined underwriting experience of more than one hundred years. We are confident that we can assist Southern Marine in continuing to offer a superior underwriting product. In addition, we expect to build on this relationship by providing Southern Marine with a market for ancillary marine lines, including liability insurance for charterers of ocean going vessels.”

John Tuley observed, “We are very excited to be associated with Mutual Marine Office (MMO). MMO is well regarded within the marine insurance community and our being associated with them will enable SMA continue to be a leader in marine cargo insurance.”

The bulletin noted that “Southern Marine & Aviation, Inc. is based in Houston and is a subsidiary of Crump Insurance Services, Inc. The company has the capability to write cargo interests of up to $40 million.”

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