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.
Mr. Kallop commented, “I will be 65 years of age this coming June and had been planning to retire sometime in the near future. My plans, however, were accelerated after a family member became severely ill several weeks ago. George Trumbull, a good friend and loyal business associate was gracious to step in on short notice to assume my duties and facilitate this transition.”
“NYMAGIC has just completed the most profitable year in its history, achieving Net Income of $45.5 million for 2009, and during the fourth quarter of 2009 gross premiums written and net premiums written increased by 8% and 17%, respectively over the prior year. I am leaving the Company in a strong financial condition, with a very professional management team, and well positioned for the future. George Trumbull and I have maintained close contact over these past years, and I am confident that the transition will be a smooth one. I wish George every success.”
Robert G. Simses, the Company’s Chairman said that “Over his almost five years as Chief Executive Officer, George Kallop diversified our product line, successfully navigated the Company through a period of global economic dislocation and served during a period of unprecedented earnings for the Company in 2009. We are sorry to see George leave, but we certainly understand that his family is his first priority.”
Posted on March 12, 2010NYMAGIC, INC. is an insurance holding company whose property and casualty insurance subsidiaries specialize in underwriting ocean marine, inland marine and non-marine liability insurance, and whose agency subsidiaries specialize in establishing markets for such business. The Company maintains offices in New York and Chicago.
Any forward-looking statements concerning the Company’s operations, economic performance and financial condition contained herein, including statements related to the outlook for the Company’s performance and the Company’s ability to pay dividends in 2009 and beyond, are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon a number of assumptions and estimates, which inherently are subject to uncertainties and contingencies, many of which are beyond the control of the Company. Some of these assumptions may not materialize and unanticipated events may occur which could cause actual results to differ materially from such statements. These include, but are not limited to, the cyclical nature of the insurance and reinsurance industry, premium rates, the estimation of loss reserves and loss reserve development, net loss retention, the effect of competition, the ability to collect reinsurance recoverables, the availability and cost of reinsurance, changes in the value of the Company’s investment portfolio, changes in the ratings assigned to the Company by rating agencies and other risks and uncertainties as included in the Company’s filings with the Securities and Exchange Commission. These risks could cause actual results for the 2009 year and beyond to differ materially from those expressed in any forward-looking statements made. The Company undertakes no obligation to update publicly or revise any forward-looking statements made.