The deal is expected to close in the fourth quarter, with Goldman Sachs acting as a financial advisor to NYMagic for the deal. Shares of NYMagic closed down 4.1% to $20.85 Wednesday. In Thursday morning trading, NY Magic stock was trading up 21.4% at $25.31, slightly below the ProSight purchase price. -- Reported by Andrea Tse in New York Get more stock ideas and investing advice on our sister site, Stockpickr.com. Follow Andrea Tse on Twitter and become a fan on Facebook.
NEW YORK ( TheStreet) -- Property and casualty insurer NYMagic ( NYM) has agreed to be acquired by property and casualty company ProSight Specialty Insurances for $25.75 a share in cash, which represents a 23.5% premium to NYMagic's closing price on Wednesday.