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NYMAGIC, INC. REPORTS THIRD-QUARTER EARNINGS, SEPT. 30, 1993

 NEW YORK, Nov. 9 /PRNewswire/ -- NYMAGIC, INC. (NYSE: NYM) reported today the results of consolidated operations for the quarter and nine months ended Sept. 30, 1993. John N. Blackman, Jr., chairman, announced that total revenues for the third quarter of 1993 were $22,042,461, a decrease of approximately 16 percent from the third quarter of 1992 revenues, which were $26,162,608. For the nine months ended Sept. 30, 1993, total revenues were $68,299,573, a decrease of approximately 5 percent from the nine months ended Sept. 30, 1992 total revenues of $71,667,320. Included in total revenues were realized investment gains of $5,156,085 for the nine months ended Sept. 30, 1993, compared with $5,470,515 for the nine months ended Sept. 30, 1992. Realized investment gains in the third quarter of 1993 were $664,202 compared with $2,765,335 for the third quarter of 1992.
 Net premiums earned for the three months ended Sept. 30, 1993, were $16,802,333 compared with $18,254,434 for the three months ended Sept. 30, 1992, for an decrease of approximately 8 percent. For the nine months ended Sept. 30, 1993, net premiums earned were $48,014,307 compared with $50,526,513 for the nine months ended Sept. 30, 1992, for a decrease of approximately 5 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, 1993, was $4,171,947, a decrease of approximately 2 percent from the third quarter 1992 net investment income of $4,258,559. For the nine months ended Sept. 30, 1993, net investment income was $13,431,419 compared with $13,214,326 for the nine months ended Sept. 30, 1992, an increase of approximately 2 percent.
 The company reported net income for the three months ended Sept. 30, 1993, of $1,754,764 compared with a net loss of $368,059 for the third quarter of 1992. Net income for the nine months ended Sept. 30, 1993, was $12,177,863 compared with the nine months ended Sept. 30, 1992, net income of $9,139,793. Net income per share for the third quarter of 1993 was $.15 compared with a net loss of $.03 per share for the same period a year ago. Net income per share for the nine months ended Sept. 30, 1993, was $1.06 per share compared with $.80 for the same period of 1992.
 The third quarter of 1993 net income includes approximately $1,500,000, or $.13 per share, in losses resulting from the Midwest floods. The third quarter of 1992 net income includes approximately $2,360,000, or $.21 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 per share, in net charges resulting from the company's abandonment of its lease for office facilities.
 Mr. Blackman reported that the company's 1993 fourth-quarter earnings would also be impacted by the Midwest floods which would operate to reduce contingent commission income earned by the company on its underwriting results.
 NYMAGIC, INC. is an insurance holding company whose property and casualty insurance subsidiaries specialize in ocean marine, inland marine, aircf?t 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, 1993 1992
 Total revenues $68,299,573 $71,667,320
 Premiums earned 48,014,307 50,526,513
 Net investment income 13,431,419 13,214,326
 Commission income 1,482,400 2,298,813
 Other income 215,362 157,153
 Realized investment gains 5,156,085 5,470,515
 Net income 12,177,863(A) 9,139,793
 Net income per share $ 1.06(A) $ .80
 Average shares outstanding 11,451,294 11,425,810
 Third quarter ended June 30, 1993 1992
 Total revenues $22,042,461 $26,162,608
 Premiums earned 16,802,333 18,245,434
 Net investment income 4,171,947 4,258,559
 Commission income 329,277 856,343
 Other income 74,702 36,937
 Realized investment gains 664,202 2,765,335
 Net (loss) income 1,754,764 (368,059)
 Net (loss) income per share $ .15 $ (.03)
 Average shares outstanding 11,457,034 11,437,943
 (A) Includes a one-time benefit of $1,221,297, or $.11 per share, resulting from the cumulative effect of a change in method of accounting for income taxes.
 -0- 11/9/93
 /CONTACT: James A. Lambert of NYMAGIC, INC., 212-551-0744/
 (NYM)


CO: NYMAGIC, INC. ST: New York IN: INS SU: ERN

MP -- NY045 -- 2193 11/09/93 10:43 EST
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Date:Nov 9, 1993
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