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NYMAGIC, INC. REPORTS FOURTH QUARTER RESULTS

 NEW YORK, Feb. 11 /PRNewswire/ -- NYMAGIC, INC. (NASDAQ: NYMG) reported today the results of consolidated operations for the quarter and year ended Dec. 31, 1992. John N. Blackman Jr., chairman, announced that total revenues for the fourth quarter of 1992 were $38,133,699, an increase of approximately 66 percent over the fourth quarter of 1991 revenues, which were $22,948,755. For the year ended Dec. 31, 1992, total revenues were $109,801,019, an increase of approximately 12 percent over the year ended Dec. 31, 1991 total revenues of $97,649,141. Included in total revenues were realized investment gains of $6,277,013 for the year ended Dec. 31, 1992, as compared to $6,373,667 for the year ended Dec. 31, 1991. Realized investment gains in the fourth quarter of 1992 were $806,498, as compared to $1,613,034 for the fourth quarter of 1991.
 Net premiums earned for the three months ended Dec. 31, 1992 were $28,112,206, as compared to $11,444,453 for the three months ended Dec. 31, 1991, for an increase of approximately 146 percent. For the fourth quarter of 1992, approximately $15,289,000 was recorded as premiums written as a result of assuming from a former member of the Mutual Marine Office, Inc., Insurance Pools, Lumber Mutual Insurance Company, approximately $17,745,000 of net obligations resulting from its participation in those insurance pools. For the year ended Dec. 31, 1992, net premiums earned were $78,638,719, as compared to $64,046,061 for the year ended Dec. 31, 1991. Net investment income for the three months ended Dec. 31, 1992 was $4,642,104, a decrease of approximately 2 percent over the fourth quarter 1991 net investment income of $4,758,826. For the year ended Dec. 31, 1992, net investment income was $17,856,430, as compared to $18,523,461 for the year ended Dec. 31, 1991, a decrease of approximately 4 percent.
 Net income for the three months ended Dec. 31, 1992, was $6,045,559 as compared to $7,119,583 for the fourth quarter of 1991 or a decrease of approximately 15 percent. Net income for the year ended Dec. 31, 1992, was $15,185,352 as compared to the year ended Dec. 31, 1991 net income of $23,447,851. Net income per share for the fourth quarter of 1992 was $.53, as compared to $.62 for the same period a year ago and $1.33 for the year ended Dec. 31, 1992, as compared to $2.06 for the same period of 1991.
 Mr. Blackman also announced that New York Marine And General Insurance Company had increased its participation in the Ocean Marine, Inland Marine and Aviation pools to 76.47 percent, effective Jan. 1, 1993, with further increases of 5 percent scheduled for Jan. 1, 1994, Jan. 1, 1995 and Jan. 1, 1996.
 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
 Fourth quarter
 ended Dec. 31 1992 1991
 Net premiums written $ 30,703,517 $ 11,471,930
 Total revenues 38,133,699 22,948,755
 Net premiums earned 28,112,206 11,444,453
 Net investment income 4,642,104 4,758,826
 Commission income 4,481,158 5,078,325
 Other income 91,733 54,117
 Realized investment gains 806,498 1,613,034
 Net income 6,045,559 7,119,583
 Earnings per share .53 .62
 Average shares outstanding 11,439,763 11,397,088
 Year ended Dec. 31 1992 1991
 Net premiums written $ 81,235,473 $ 65,507,471
 Total revenues 109,801,019 97,649,141
 Net premiums earned 78,638,719 64,046,061
 Net investment income 17,856,430 18,523,461
 Commission income 6,779,971 8,337,241
 Other income 248,886 368,711
 Realized investment gains 6,277,013 6,373,667
 Net income 15,185,352 23,447,851
 Net income per share 1.33 2.06
 Average shares outstanding 11,429,317 11,392,912
 -0- 2/11/93
 /CONTACT: James A. Lambert of NYMAGIC, Inc., 212-953-0580/
 (NYMG)


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

WB -- NY074 -- 5900 02/11/93 17:05 EST
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Date:Feb 11, 1993
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