New York, September 21, 2009 – A. George Kallop, President and Chief Executive Officer of NYMAGIC, INC. (NYSE: NYM), announced today that the Company has entered into a consulting agreement with Mark Blackman extending through December 31, 2010.
The Company recently announced the resignation of Mr. Blackman, its former Chief Underwriting Officer, who after thirty-two years with the Company left to pursue other interests. The consulting agreement is intended to facilitate a smooth transition of leadership within the Company’s underwriting unit. On behalf of the Company, Mr. Kallop expressed gratitude to Mr. Blackman for helping NYMAGIC evolve into a multi-line specialty insurer. Mr. Blackman thanked management and the board for the opportunity to assist in this process and stated that Tim McAndrew and Ed Skoch are excellent successors who, along with Glenn Yanoff, head of the Company’s MMO Agencies unit, will oversee the future growth of the Company’s underwriting business.
Posted on September 21, 2009NYMAGIC, 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.