NYMAGIC: Premiums Up 36%, Led By Excess Workers’ Comp

August 8, 2006

NYMAGIC, Inc. reported net earnings for the three months ending June 30, 2006 were $6.1 million, or $.67 per diluted share, compared with $5.0 million, or $.56 per diluted share, for the second quarter of 2005. Net earnings for the six months ended June 30, 2006 totaled $13.9 million, or $1.52 per diluted share, compared with $8.3 million, or $.93 per diluted share, for the six months ended June 30, 2005.

Gross premiums written of $72.2 million and net premiums written of $43.8 million for the second quarter of 2006 increased by 36% and 15%, respectively, over the same period of 2005. Net premiums earned were $39.2 million for the second quarter of 2006, an increase of 7% over the same period last year. Gross premiums written reflect a significant increase in excess workers’ compensation premiums.

Total revenues of $48.9 million for the second quarter of 2006 increased by 11% over the same period of 2005. Total revenues of $98.4 million for the six months ended June 30, 2006 increased by 14% over the same period of 2005.

The company’s combined ratio was 96.3% for the three months ended June 30, 2006 as compared with 94.3% for the same period of 2005. The company’s combined ratio was 96.5% for the six months ended June 30, 2006 as compared with 96.9% for the same period of 2005.

Net investment income increased by 38% to $9.6 million for the second quarter of 2006 compared with $6.9 million for the same period of 2005 due to larger trading portfolio income and higher yields on short term and fixed income investments. Through the six months ended June 30, 2006, investment income increased by 59% to $21.5 million as compared with $13.5 million for the same period of 2005.

NYMAGIC, INC. will hold a conference call on its second quarter 2006 financial results live on Tuesday, August 8, 2006 at 9:00 A.M. EDT. The call will last for up to one hour. Call 800-340-2732, enter ID# 3756681 and register with the operator no later than 10 minutes prior to the start of the call to register. A replay of the conference call will be available for 30 days by dialing 800-642-1687 and entering ID 3756681.

NYMAGIC, INC. is an insurance holding company whose property and casualty insurance subsidiaries specialize in writing ocean marine, inland marine and non-marine liability insurance, and whose agency subsidiaries specialize in establishing markets for such business. The company maintains offices in New York, San Francisco and Chicago.

Source: NYMAGIC

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