A.M. Best Affirms and Assigns Ratings to NYMAGIC, Inc. and Its Subsidiaries.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A (Excellent) and the issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a" of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Marine Group (NY Marine). A.M. Best has also affirmed the FSR of A (Excellent) and assigned ICRs of "a" to the two members of the group, New York Marine and General Insurance Company and Gotham Insurance Company. Concurrently, A.M. Best has affirmed the ICR of "bbb" and the debt rating of "bbb" of the $100 million 6.5% senior unsecured bonds due 2014 issued by NY Marine's publicly-traded holding company, NYMAGIC, Inc. (NYSE NYSE See: New York Stock Exchange : NYM Nym humorous thief and rogue. [Br. Lit.: Merry Wives of Windsor; Henry V] See : Thievery 1. (tool, networking) nym - /nim/ (From the third syllable of "anonymous"; or "nym server") A server that functions as an anonymous remailer. 2. ). The outlook for all ratings is stable. All companies are domiciled in New York, NY. The ratings reflect NY Marine's solid capitalization derived from historically conservative underwriting leverage and strong history of operating earnings. Partially offsetting these positive rating factors is NY Marine's dependence on reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. and limited capital growth over the years, hindered by dividend payments that have represented a significant portion of earnings. Furthermore, overall leverage has increased somewhat since year-end 2002, but it is in line with industry norms. For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. For current Best's Ratings, independent data and analysis on more than 3,000 individual property/casualty companies and A.M. Best groups, please visit www.ambest.com/pc. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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