A.M. Best Comments on NYMAGIC, INC.’s Proposed Acquisition by ProSight Specialty Insurance Holdings, Inc.

GIE — Mon, 26 Jul 2010 18:11:48 +0000

OLDWICK, N.J., Jul 15, 2010 (BUSINESS WIRE) — A.M. Best Co. has commented that the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of “a” of New York Marine Group (NY Marine) and its members and the ICR of ‘”bbb’” of its ultimate holding company, NYMAGIC, INC. (NYMAGIC) (NYM 25.33, +4.48, +21.49%) , are unchanged following the announcement of NYMAGIC’s proposed acquisition by ProSight Specialty Insurance Holdings, Inc. (ProSight Specialty Insurance). The members of NY Marine include New York Marine And General Insurance Company and Gotham Insurance Company.

In addition, A.M. Best has commented that the FSR of A- (Excellent) and ICR of “a-” of NY Marine’s affiliate, Southwest Marine And General Insurance Company (Southwest Marine) (Phoenix, AZ), and the debt rating of “bbb” on $100 million 6.5% senior unsecured bonds due March 2014 of NYMAGIC are all unchanged. The outlook for all ratings is stable. All companies are domiciled in New York, NY, unless otherwise specified.

Pursuant to a definitive agreement entered into with ProSight Specialty Insurance, NYMAGIC will be merged with PSI Merger Sub Inc., a wholly owned subsidiary of ProSight Specialty Insurance formed for purposes of the transaction. NYMAGIC will survive the merger as a wholly owned subsidiary of ProSight Specialty Insurance.

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A.M. Best Comments on NYMAGIC, INC.’s Proposed Acquisition by ProSight Specialty Insurance Holdings, Inc.