ProSight to Acquire NYMAGIC

July 15, 2010

New York-based specialty insurer NYMAGIC will be acquired by ProSight Specialty Insurance Holdings Inc.

The deal is worth approximately $230 million, with stockholders receiving $25.75 per share in cash — a premium of 23.5 percent to NYMAGIC’s closing price yesterday of $20.85.

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.

ProSight is a specialty insurer that aims to create and deliver specialized products through limited, exclusive distribution partners.

NYMAGIC Chairman Robert G. Simses the company’s board “strongly believes that this transaction will create attractive long-term opportunities for our employees, customers and business partners.”

The deal is expected to close in the fourth quarter.

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Source: NYMAGIC

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