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ProSight Specialty Insurance acquires Nymagic

ProSight Specialty Insurance Holdings, a specialty P&C insurance company, has completed the acquisition of Nymagic, an insurance holding company.

Under the terms of the merger agreement, Nymagic stockholders are entitled to receive $25.75 per share in cash.

Nymagic’s property and casualty insurance subsidiaries specialize in underwriting ocean marine, inland marine and non-marine liability insurance, and whose agency subsidiaries specialize in establishing markets for such business.

With the closing of the transaction, Nymagic’s common stock will cease to trade on the NYSE and will be delisted and Nymagic’s name will be changed to ProSight Specialty Insurance Group.

ProSight Specialty Insurance was founded by CEO Joseph Beneducci and a group of senior executives from the P&C industry and is backed by affiliates of TPG Capital and GS Capital Partners, together with certain co-investors.