ProSight Acquires NYMagic

The $230 million, equity-funded transaction takes the marine P&C insurer private.

Prosight Specialty Insurance Holdings, an Atlanta-based P&C insurer, is acquiring and taking private NYMagic, a New York-based, marine-focused P&C company.

The transaction, valued at $230 million or $25.75 per NYMagic share, is expected to close in the fourth quarter of this year. It remains subject to the approval of NYMagic stockholders, closing conditions and regulatory agencies.

"We are pleased to reach an agreement with ProSight Specialty Insurance that we strongly believe is in the best interest of our shareholders, presenting them with excellent value for their shares,” NYMagic chairman Robert Simses says in a statement. “Our Board of Directors also strongly believes that this transaction will create attractive long-term opportunities for our employees, customers and business partners."

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio