July 16, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — NYMagic, INC. (NYSE: NYM) said that it has entered into a definitive agreement to be acquired by ProSight Specialty Insurance Holdings, Inc. for $25.75 per share, which represents a premium of 23.5% to NYMagic’s July 14 closing price 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.

Under the terms of the agreement, NYMagic stockholders will receive $25.75 per share in cash. NYMagic said that the transaction will be 100% equity funded by ProSight Specialty Insurance.

Completion of the transaction, which is scheduled to occur in the fourth quarter of 2010, is subject to the approval of NYMagic stockholders, customary closing conditions and regulatory approvals.

NYMagic shareholders owning around 40% of the company's fully diluted common shares have executed voting agreements under which they have agreed to vote in favor of the transaction, according to the company.

New York-based NYMagic 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.

ProSight Specialty Insurance is a specialty P&C insurance company that aims to create and deliver specialized solutions for groups of customers through limited, exclusive distribution partners. The company's employees have a long history of underwriting, operations, distribution and claims experience.

TPG Capital is the global buyout group of TPG, a private investment firm founded in 1992, with $48 billion of assets under management and offices in San Francisco, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Shanghai, Singapore and Tokyo.

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