Shareholders of NYMAGIC approved its acquisition by ProSight Specialty Insurance Holdings Inc. at a special meeting yesterday, clearing the way for the insurance holding firm to become part of ProSight.
The merger valued at around $230 million, is expected to close today.
NYMAGIC shareholders will receive $25.75 per share of common stock.
NYMAGIC specializes in underwriting ocean marine, inland marine and non-marine liability insurance. ProSight is a specialty insurer that provides coverage for groups of customers through limited distribution partners.
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