NYMAGIC Shareholders Approve ProSight Acquisition

Shareholders of NYMAGIC INC., an insurance holding company that specializes in commercial lines, P&C and ocean marine insurance, voted to approve and adopt the merger agreement with ProSight Specialty Insurance Holdings Inc. at a special shareholders meeting held Monday.

NYMAGIC says that, based upon the preliminary tally of shares voted at the special meeting of shareholders, 7,326,506 shares were voted at the meeting, representing 86.2% of NYMAGIC’s outstanding voting shares. A total of 7,085,243, or 83.4%, of the outstanding voting shares of NYMAGIC voted in favor of the approval and adoption of the merger agreement, the company says.

The merger was expected to close on November 23, 2010, and following the closing of the merger, NYMAGIC's shareholders will be entitled to receive $25.75 per share in cash, without interest, for each share of NYMAGIC common stock held, according to NYMAGIC.