Rigrodsky & Long, P.A. Investigates NYMAGIC, Inc. Buyout

Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of NYMAGIC, Inc. (“NYMAGIC” or the “Company”) (NYSE: NYM) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by ProSight Specialty Insurance Holdings, Inc. (“ProSight Specialty Insurance”) in a transaction valued at approximately $230 million ( http://www.rigrodskylong.com/news/NYMAGIC-NYM).

Under the proposed agreement, ProSight Specialty Insurance will acquire all the outstanding shares of NYMAGIC for $25.75 per share in cash. The investigation concerns whether NYMAGIC’s board of directors failed to adequately shop the Company and obtain the best price possible for NYMAGIC’s shareholders before entering into the agreement with ProSight Specialty Insurance. Furthermore, NYMAGIC shareholders owning approximately 40% of the Company’s fully diluted common shares have executed voting agreements pursuant to which they have agreed to vote in favor of the transaction.

As recently as May 3, 2010, the Company issued its 2010 first quarter results wherein NYMAGIC President and CEO, George Trumbull, commented: “We are pleased with the Company’s results for the first quarter ended 2010. Insurance markets remain competitive and challenging, but we are maintaining underwriting discipline as evidenced by our excellent loss ratio of 53.9%. We remain focused on increasing premium volume where we believe underwriting profits can be achieved, and declining underpriced business. We continue to be optimistic about the growth in premiums from MMO Agencies, which recorded $5.4 million during the first quarter of 2010. Our investment results have been excellent this quarter largely due to strong returns from limited partnerships.”

If you own the common stock of NYMAGIC and purchased your shares before July 15, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at [phone], or by e-mail to [e-mail].

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.