Rigrodsky & Long, P.A. Investigates NYMAGIC, Inc. Buyout
July 15 2010 - 12:23PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of NYMAGIC, Inc.
(“NYMAGIC” or the “Company”) (NYSE:NYM) concerning possible
breaches of fiduciary duty and other violations of law related to
the Company’s entry into an agreement to be acquired by ProSight
Specialty Insurance Holdings, Inc. (“ProSight Specialty Insurance”)
in a transaction valued at approximately $230 million
(http://www.rigrodskylong.com/news/NYMAGIC-NYM).
Under the proposed agreement, ProSight Specialty Insurance will
acquire all the outstanding shares of NYMAGIC for $25.75 per share
in cash. The investigation concerns whether NYMAGIC’s board of
directors failed to adequately shop the Company and obtain the best
price possible for NYMAGIC’s shareholders before entering into the
agreement with ProSight Specialty Insurance. Furthermore, NYMAGIC
shareholders owning approximately 40% of the Company’s fully
diluted common shares have executed voting agreements pursuant to
which they have agreed to vote in favor of the transaction.
As recently as May 3, 2010, the Company issued its 2010 first
quarter results wherein NYMAGIC President and CEO, George Trumbull,
commented: “We are pleased with the Company’s results for the first
quarter ended 2010. Insurance markets remain competitive and
challenging, but we are maintaining underwriting discipline as
evidenced by our excellent loss ratio of 53.9%. We remain focused
on increasing premium volume where we believe underwriting profits
can be achieved, and declining underpriced business. We continue to
be optimistic about the growth in premiums from MMO Agencies, which
recorded $5.4 million during the first quarter of 2010. Our
investment results have been excellent this quarter largely due to
strong returns from limited partnerships.”
If you own the common stock of NYMAGIC and purchased your shares
before July 15, 2010, if you have information or would like to
learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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