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NYMAGIC REPORTS SECOND-QUARTER EARNINGS, JUNE 30, 1992

 NYMAGIC REPORTS SECOND-QUARTER EARNINGS, JUNE 30, 1992
 NEW YORK, Aug. 11 /PRNewswire/ -- NYMAGIC, INC. (NYSE: NYM) reported today the results of consolidated operations for the quarter and six months ended June 30, 1992. John N. Blackman, Jr., chairman, announced that total revenues for the second quarter of 1992 were $21,514,636, a decrease of approximately 13 percent over the second quarter of 1991 revenues, which were $24,750,261. For the six months ended June 30, 1992, total revenues were $45,504,712, a decrease of approximately 11 percent over the six months ended June 30, 1991, total revenues of $50,859,888. Included in total revenues were realized investment gains of $2,705,180 for the six months ended June 30, 1992, compared with $4,484,251 for the six months ended June 30, 1991. Realized investment gains in the second quarter of 1992 were $1,765,436, compared with $1,620,392 for the second quarter of 1991.
 Net premiums earned for the three months ended June 30, 1992, were $14,904,302, compared with $17,648,390 for the three months ended June 30, 1991, for a decrease of approximately 16 percent. For the six months ended June 30, 1992, net premiums earned were $32,281,079, compared with $35,667,669 for the six months ended June 30, 1991, for a decrease of approximately nine percent. Net investment income for three months ended June 30, 1992, was $4,397,136, an increase of approximately one percent over the second quarter 1991 net investment income of $4,348,825. For the six months ended June 30, 1992, net investment income was $8,955,767, compared with $9,032,954 for the six months ended June 30, 1991, a decrease of approximately one percent.
 Net income for the three months ended June 30, 1992, was $5,124,950, compared with $5,719,840 for the second quarter of 1991, or a decrease of approximately 10 percent. Net income for the six months ended June 30, 1992, was $9,507,852, compared with the six months ended June 30, 1991, net income of $10,998,249. Net income per share for the second quarter of 1992 was 45 cents, compared with 50 cents for the same period a year ago and 83 cents for the six months ended June 30, 1992, compared with 97 cents for the same period of 1991.
 The company also announced that it had signed a lease in the third quarter for new corporate headquarters which would result in a one-time charge against third quarter earnings of approximately $2,100,000 after applicable taxes.
 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.
 Six months ended June 30 1992 1991
 Total revenues $45,504,712 $50,859,888
 Premiums earned 32,281,079 35,667,669
 Net investment income 8,955,767 9,032,954
 Commission income 1,442,470 1,479,318
 Other income 120,216 195,696
 Realized investment gains 2,705,180 4,484,251
 Net income 9,507,852 10,988,249
 Net income per share .83 .97
 Average shares outstanding 11,419,676 11,386,527
 Second quarter ended June 30: 1992 1991
 Total revenues $21,514,636 $24,750,261
 Premiums earned 14,904,302 17,648,390
 Net investment income 4,397,136 4,348,825
 Commission income 397,596 1,043,519
 Other income 50,166 89,135
 Realized investment gains 1,765,436 1,620,392
 Net income 5,124,950 5,719,840
 Net income per share .45 .50
 Average shares outstanding 11,433,682 11,390,910
 -0- 8/11/92
 /CONTACT: James A. Lambert of NYMAGIC, 212-953-0580/
 (NYM) CO: NYMAGIC, Inc. ST: New York IN: INS SU: ERN


TS -- NY039 -- 8917 08/11/92 11:26 EDT
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Date:Aug 11, 1992
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