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NYMAGIC, INC. REPORTS THIRD-QUARTER EARNINGS, SEPT. 30, 1992

 NYMAGIC, INC. REPORTS THIRD-QUARTER EARNINGS, SEPT. 30, 1992
 NEW YORK, Nov. 12 /PRNewswire/ -- NYMAGIC, Inc. (NASDAQ: NYMG) reported today the results of consolidated operations for the quarter and nine months ended Sept. 30, 1992. John N. Blackman, Jr., chairman, announced that total revenues for the third quarter of 1992 were $26,162,608, an increase of approximately 10 percent over the third quarter of 1991 revenues which were $23,840,498. For the nine months ended Sept. 30, 1992, total revenues were $71,667,320, a decrease of approximately 4 percent over the nine months ended Sept. 30, 1991 total revenues of $74,700,386. Included in total revenues were realized investment gains of $5,470,515 for the nine months ended Sept. 30, 1992, compared with $4,760,633 for the nine months ended Sept. 30, 1991. Realized investment gains in the third quarter of 1992 were $2,765,335, compared with $276,382 for the third quarter of 1991.
 Net premiums earned for the three months ended Sept. 30, 1992 were $18,245,434, compared with $16,933,939 for the three months ended Sept. 30, 1991, for an increase of approximately 8 percent. For the nine months ended Sept. 30, 1992, net premiums earned were $50,526,513, compared with $52,601,608 for the nine months ended Sept. 30, 1991, for a decrease of approximately 4 percent. For the third quarter of 1992, $5,075,000 was recorded as premiums written as a result of assuming from Pennsylvania National Mutual Casualty Insurance Company approximately $5,135,000 of net obligations resulting from its participation in the insurance pools managed by the company's agency subsidiary Mutual Marine Office, Inc. Net investment income for the three months ended Sept. 30, 1992 was $4,258,559, a decrease of approximately 10 percent from the third quarter 1991 net investment income of $4,731,681. For the nine months ended Sept. 30, 1992, net investment income was $13,214,326, compared with $13,764,635 for the nine months ended Sept. 30, 1991, a decrease of approximately 4 percent.
 The company reported a net loss for the three months ended Sept. 30, 1992 of $368,059, compared with $5,340,019 of net income for the third quarter of 1991. Net income for the nine months ended Sept. 30, 1992 was $9,139,793, compared with the nine months ended Sept. 30, 1991 net income of $16,328,268. Net loss per share for the third quarter of 1992 was 3 cents, compared with net income of 47 cents per share for the same period a year ago. Net income per share for the nine months ended Sept. 30, 1992, was 80 cents per share, compared with $1.43 for the same period of 1991.
 For the third quarter of 1992, net income includes approximately $2,360,000, or 21 cents per share, in losses resulting from Hurricanes Andrew and Iniki. Net income for the third quarter of 1992 also includes approximately $2,400,000, or 21 cents per share, in net charges resulting from the company's abandonment of its lease for office facilities.
 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: 1992 1991
 Total revenues $71,667,320 $74,700,386
 Premiums earned 50,526,513 52,601,608
 Net investment income 13,214,326 13,764,635
 Commission income 2,298,813 3,258,916
 Other income 157,153 314,594
 Realized investment gains 5,470,515 4,760,633
 Net income 9,139,793 16,328,268
 Net income per share .80 1.43
 Average shares outstanding 11,425,810 11,391,505
 Third quarter ended Sept. 30 1992 1991
 Total revenues $26,162,608 $23,840,498
 Premiums earned 18,245,434 16,933,939
 Net investment income 4,258,559 4,731,681
 Commission income 856,343 1,779,598
 Other income 36,937 118,898
 Realized investment gains 2,765,335 276,382
 Net (loss) income (368,059) 5,340,019
 Net (loss) income per share (.03) .47
 Average shares outstanding 11,437,943 11,401,298
 -0- 11/12/92
 /CONTACT: James A. Lambert of NYMAGIC, Inc., 212-953-0580/
 (NYMG) CO: NYMAGIC, Inc. ST: New York IN: INS SU: ERN


TS -- NY027 -- 0104 11/12/92 10:29 EST
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Date:Nov 12, 1992
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