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NYMAGIC REPORTS RESULTS

 NYMAGIC REPORTS RESULTS
 NEW YORK, Feb. 13 /PRNewswire/ -- NYMAGIC, Inc. (NASDAQ: NYMG)


reported today the results of consolidated operations for the quarter and year ended Dec. 31, 1991. The results for the year 1991 include the results of operations of Mutual Marine Office, Inc., ("MMO") which was acquired on Jan. 28, 1991. The prior year's results were restated to include the results of MMO for that period. John N. Blackman, Jr., Chairman, announced that total revenues for the fourth quarter of 1991 were $22,948,755, a decline of approximately 8 percent over the fourth quarter of 1990 revenues, which were $25,020,740. For the year ended Dec. 31, 1991, total revenues were $97,649,141, an increase of approximately 4 percent over the year ended Dec. 31, 1990, total revenues of $94,152,272. Included in total revenues were realized investment gains of $6,373,667 for the year ended Dec. 31, 1991, as compared to $4,971,320 for the year ended Dec. 31, 1990. Realized investment gains in the fourth quarter of 1991 were $1,613,034 as compared to $908,046 for the fourth quarter of 1990.
 Net premiums earned for the three months ended Dec. 31, 1991, were $11,444,453 as compared to $16,082,687 for the three months ended Dec. 31, 1990, for a decrease of approximately 29 percent. For the year ended Dec. 31, 1991, net premiums earned were $64,046,061 as compared to $64,124,039 for the year ended Dec. 31, 1990. Net investment income for the three months ended Dec. 31, 1991, was $4,758,826, a decrease of approximately 3 percent over the fourth quarter 1990 net investment income of $4,912,147. For the year ended Dec. 31, 1991, net investment income was $18,523,461 as compared to $17,668,644 for the year ended Dec. 31, 1990, an increase of approximately 5 percent.
 Net income for the three months ended Dec. 31, 1991, was $7,119,583 as compared to $6,968,224 for the fourth quarter of 1990 or an increase of approximately 2 percent. Net income for the year ended Dec. 31, 1991, was $23,447,851 as compared to the year ended Dec. 31, 1990, net income of $25,182,275. Net income per share for the fourth quarter of 1991 was $.62 as compared to $.61 for the same period a year ago and $2.06 for the year ended Dec. 31, 1991 as compared to $2.22 for the same period of 1990.
 The 1990 fourth quarter results include a tax benefit of $680,000 as a result of the "Fresh Start" provision for salvage and subrogation recoverables under the Revenue Reconciliation Act 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.
 Fourth quarter ended Dec. 31: 1991 1990(A)
 Net premiums written $11,471,930 $14,099,130
 Total revenues 22,948,755 25,020,740
 Net premiums earned 11,444,453 16,082,687
 Net investment income 4,758,826 4,912,147
 Commission income 5,078,325 3,039,569
 Other income 54,117 78,291
 Realized investment gains 1,613,034 908,046
 Net income 7,119,583 6,968,224
 Earnings per share .62 .61
 Average shares outstanding 11,397,088 11,387,906
 Year ended Dec. 31; 1991 1990(A)
 Net premiums written $65,507,471 $66,695,253
 Total revenues 97,649,141 94,152,272
 Net premiums earned 64,046,061 64,124,039
 Net investment income 18,523,461 17,668,644
 Commission income 8,337,241 6,759,863
 Other income 368,711 628,406
 Realized investment gains 6,373,667 4,971,320
 Net income 23,447,851 25,182,275
 Earnings per share 2.06 2.22
 Average shares outstanding 11,392,912 11,361,779
 (A) -- Restated to include the results of Mutual Marine Office, Inc.
 -0- 2/13/92
 /CONTACT: James A. Lambert of NYMAGIC, 212-953-0580/
 (NYMG) CO: NYMAGIC Inc. ST: New York IN: INS SU: ERN


TS -- NY039 -- 9647 02/13/92 10:37 EST
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Date:Feb 13, 1992
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