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ProSight Acquires NYMagic

Posted on 16 Jul 2010

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Prosight Specialty Insurance Holdings, an Atlanta-based P&C insurer, is acquiring and taking private NYMagic, a New York-based, marine-focused P&C company.

The transaction, valued at $230 million or $25.75 per NYMagic share, is expected to close in the fourth quarter of this year. It remains subject to the approval of NYMagic stockholders, closing conditions and regulatory agencies.

"We are pleased to reach an agreement with ProSight Specialty Insurance that we strongly believe is in the best interest of our shareholders, presenting them with excellent value for their shares,” NYMagic chairman Robert Simses says in a statement. “Our Board of Directors also strongly believes that this transaction will create attractive long-term opportunities for our employees, customers and business partners."