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NYMAGIC REPORTS THIRD-QUARTER EARNINGS, SEPT. 30, 1991

      NYMAGIC REPORTS THIRD-QUARTER EARNINGS, SEPT. 30, 1991
    NEW YORK, Nov. 14 /PRNewswire/ -- NYMAGIC, Inc. (NASDAQ: NYMG) reported today the results of consolidated operations for the quarter and nine months ended Sept. 30, 1991.  The nine months results for 1991 include the results of operations of Mutual Marine Office, Inc. (MMO), which was acquired on Jan. 28, 1991.  The prior year's nine months results were restated to include the results of MMO for that period.
    John N. Blackman, Jr., chairman, announced that total revenues for the third quarter of 1991 were $23,840,498, an increase of approximately 8 percent over the third quarter of 1990 revenues which were $22,167,674.  For the nine months ended Sept. 30, 1991, total revenues were $74,700,386, an increase of approximately 8 percent over the nine months ended Sept. 30, 1990 total revenues of $69,131,532.  Included in total revenues were realized investment gains of $4,760,633 for the nine months ended Sept. 30, 1991, compared with $4,063,274 for the nine months ended Sept. 30, 1990.  Realized investment gains in the third quarter of 1991 were $276,382, compared with $1,387,751 for the third quarter of 1990.
    Net premiums earned for the three months ended Sept. 30, 1991 were $16,933,939, compared with $14,634,566 for the three months ended Sept. 30, 1990, for an increase of approximately 16 percent.  For the nine months ended Sept. 30, 1991, net premiums earned were $52,601,608, compared with $48,041,352 for the nine months ended Sept. 30, 1990, for an increase of approximately 9 percent.  Net investment income for the three months ended Sept. 30, 1991 was $4,731,681, an increase of approximately 8 percent over the third quarter 1990 net investment income of $4,361,171.  For the nine months ended Sept. 30, 1991, net investment income was $13,764,635, compared with $12,756,497 for the nine months ended Sept. 30, 1990, an increase of approximately 8 percent.
    Net income for the three months ended Sept. 30, 1991 was $5,340,019, compared with $6,115,135 for the third quarter of 1990 or a decrease of approximately 13 percent.  Net income for the nine months ended Sept. 30, 1991 was $16,328,268, compared with the nine months ended Sept. 30, 1990 net income of $18,214,051.  Net income per share for the third quarter of 1991 was 47 cents, compared with 54 cents for the same period a year ago and $1.43 for the nine months ended Sept. 30, 1991, compared with $1.60 for the same period of 1990.
    NYMAGIC, Inc. is an insurance holding company whose property and casualty insurance subsidiaries specialize in ocean marine, inland marine, aircraft and non-marine liability insurance, and whose agency subsidiaries specialize in establishing markets for such business.
                          NYMAGIC, INC.
                        Table of Results
     Nine Months Ended Sept. 30;            1991        1990(A)
    Total revenues                     $74,700,386    $69,131,532
    Premiums earned                     52,601,608     48,041,352
    Net investment income               13,764,635     12,756,497
    Commission income                    3,258,916      3,720,294
    Other income                           314,594        550,115
    Realized investment gains            4,760,633      4,063,274
    Net income                          16,328,268     18,214,051
    Net income per share                      1.43           1.60
    Average shares outstanding          11,391,505     11,353,089
      Third Quarter Ended Sept. 30;         1991            1990(A)
    Total revenues                     $23,840,498    $22,167,674
    Premiums earned                     16,933,939     14,634,566
    Net investment income                4,731,681      4,361,171
    Commission income                    1,779,598      1,627,524
    Other income                           118,898        156,662
    Realized investment gains              276,382      1,387,751
    Net income                           5,340,019      6,115,135
    Net income per share                       .47            .54
    Average shares outstanding          11,401,298     11,395,243
    (A) -- Restated to include the results of Mutual Marine Office, Inc.
    -0-           11/14/91
    /CONTACT:  James A. Lambert of NYMAGIC, Inc., 212-953-0580/
    (NYMG) CO:  NYMAGIC Inc. ST:  New York IN:  INS SU:  ERN FC -- NY020 -- 4302 11/14/91 09:42 EST
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Date:Nov 14, 1991
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