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Nymagic Q4 net loss widens

Net losses for the year and fourth quarter of 2008 were increased by $17.6m and $8.1m, respectively

Nymagic, an insurance holding company, has reported a net loss of $19.8m, or $2.36 per diluted share, for the fourth quarter ended December 31, 2008, compared with a net loss of $8.3m, or $0.93 per diluted share, for the fourth quarter ended December 31, 2007.

Net investment loss amounted to $16m for the fourth quarter of 2008, compared with net investment income of $3.4m for the same period of 2007. For the fourth quarter of 2008, total revenues decreased to $21.45m from $36.81m during the corresponding quarter in 2007.

Net loss for the year ended December 31, 2008 totaled $104.3m, or $12.23 per diluted share, compared with net earnings of $13.4m, or $1.46 per diluted share, for the year ended December 31, 2007.

According to Nymagic, net losses for the year and fourth quarter of 2008 were increased by $17.6m and $8.1m, respectively, due to uncertainty that the company can fully utilise all deferred income taxes that arose from capital losses incurred.

For the year 2008, net investment losses were $63.5m, compared with net investment income of $35.5m in 2007. Total revenues for the year 2008 were $56.18m, compared to $190.44m for the year 2007.