NYM Nymagic, Inc.

NEW YORK, June 24 /PRNewswire-FirstCall/ -- NYMAGIC, INC. (NYSE:NYM) reported today that A.M. Best Co. has affirmed the financial strength rating of A (Excellent) for New York Marine Group and its two principal insurance company subsidiaries, New York Marine and General Insurance Company and Gotham Insurance Company. A.M. Best Co. has also affirmed the financial strength rating of A- (Excellent) for the Company's newest insurance company subsidiary, Southwest Marine and General Insurance Company. A.M. Best's outlook for all ratings is: "Stable." All of the above ratings remain unchanged from the prior year. George Kallop, President and CEO of NYMAGIC, commented, "A.M. Best Co.'s reaffirmation of its ratings for our insurance company subsidiaries is a confirmation of our financial strength. NYMAGIC has successfully navigated the turbulence in the financial markets over the past year and is well positioned for future growth. We are committed to growing our premium revenues in a prudent manner to serve the needs of a larger number of policyholders while building value for our shareholders." 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 and Chicago. This report contains certain forward-looking statements concerning the Company's operations, economic performance and financial condition, including, in particular, the likelihood of the Company's success in developing and expanding its business. Any forward-looking statements concerning the Company's operations, economic performance and financial condition contained herein, including statements related to the outlook for the Company's performance in 2009 and beyond, are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon a number of assumptions and estimates which inherently are subject to uncertainties and contingencies, many of which are beyond the control of the Company. Some of these assumptions may not materialize and unanticipated events may occur which could cause actual results to differ materially from such statements. These include, but are not limited to, the cyclical nature of the insurance and reinsurance industry, premium rates, investment results and risk assessments, the estimation of loss reserves and loss reserve development, uncertainties associated with asbestos and environmental claims, including difficulties with assessing latent injuries and the impact of litigation settlements, bankruptcies and potential legislation, the uncertainty surrounding the loss amounts related to the attacks of September 11, 2001, and hurricanes Katrina and Rita, the occurrence and effects of wars and acts of terrorism, net loss retention, the effect of competition, the ability to collect reinsurance receivables and the timing of such collections, the availability and cost of reinsurance, the possibility that the outcome of any litigation or arbitration proceeding is unfavorable, the ability to pay dividends, regulatory changes, changes in the ratings assigned to the Company by rating agencies, failure to retain key personnel, the possibility that our relationship with Mariner Partners, Inc. could terminate or change, and the fact that ownership of our common stock is concentrated among a few major stockholders and is subject to the voting agreement, as well as assumptions underlying any of the foregoing and are generally expressed with words such as "intends," "intend," "intended," "believes," "estimates," "expects," "anticipates," "plans," "projects," "forecasts," "goals," "could have," "may have" and similar expressions. These and other risks could cause actual results for the 2009 year and beyond to differ materially from those expressed in any forward-looking statements made. Investors are referred to the full discussion of risks and uncertainties included in the Company's Annual Report on Form 10-K for the year ended December 31, 2008, including those specified under the caption "I. A. Risk Factors" and in other documents filed by the Company with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update publicly or revise any forward-looking statements made. CONTACT: NYMAGIC, INC. A. George Kallop, 212-551-0744 or Richard Lewis Communications, Inc. Cecelia Heer or Gregory Tiberend, 212-827-0020 DATASOURCE: NYMAGIC, INC. CONTACT: A. George Kallop, NYMAGIC, INC., +1-212-551-0744; or Cecelia Heer or Gregory Tiberend, both of Richard Lewis Communications, Inc., +1-212-827-0020

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