NYMAGIC Shareholders OK Merger

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.