NYMAGIC® amalgamates press releases from PR Newswire, articles from popular news sources, and corporate disclosures.
Shareholders to receive $25.75 per share in cash.
Transaction Valued at Approximately $230 Million
NEW YORK, July 15, 2010 – NYMAGIC, INC. (NYSE: NYM) today announced that it has
entered into a definitive agreement to be acquired by ProSight Specialty Insurance
Holdings, Inc. (“ProSight Specialty Insurance”) for $25.75 per share, which represents
a premium of 23.5% 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.
New York, March 12, 2010. NYMAGIC, INC. (NYSE:NYM) announced today that its Chief Executive Officer, A. George Kallop, intends to retire on April 2, 2010. He will be succeeded by George R. Trumbull, currently a Director of the Company, and formerly the Company’s Chairman and Chief Executive Officer, who was elected to the position of Senior Executive Vice President of the Company, effective today, and President and Chief Executive Officer of the Company, effective April 2, 2010.
This BrokerPro blog is a service to the insurance brokerage community from the professional liability group at NYMAGIC® and its partner, Spirit Underwriters, Inc. It provides information to insurance sales professionals.
A controversial, but rapidly growing practice in which senior citizens raise cash by selling their life insurance policies to investors who will profit when they die could soon be subject to more government scrutiny.
Life insurance policyholders have filed numerous lawsuits against insurance agents, accusing them of selling policies which did not increase in value as expected and were not sellable...
As part of NYMAGIC®'s commitment to customer service, we maintain this blog with posts relevant to broker-dealers, registered representatives, investment advisors and other financial professionals. FinRep is a product the professional liability group at NYMAGIC®.
Finra arbitration filings were up 43% in 2009, lead by breach of fiduciary duty claims.
FINRA has put out a guide to compliance requirements and potential liabilities when using the Internet and electronic communications.