SANTA ROSA -- ProSight Specialty Insurance Holdings' acquisition of NYMagic Inc. (NYSE: NYM) was approved by shareholders yesterday. The deal was expected to close today, with NYMagic shareholders entitled to receive $25.75 per share in cash, without interest, for each share of NYMagic common stock held.
ProSight was formed earlier this year by Chief Executive Officer Joseph Beneducci, once the top executive of Fireman’s Fund Insurance Co. of Novato, and several other industry veterans. The specialty property casualty insurance carrier started with seven employees in a 4,000-square-foot office in Basin Street Properties space by Sonoma County airport and in late July relocated to 15,000 square feet of high-profile space the landlord owns in the Fountaingrove area of Santa Rosa, according to Basin Street Vice President Scott Stranzl. [See the story "Insurer leases 15,400sf for Santa Rosa office," Aug. 9.]
NYMagic in an insurance holding company with property and casualty subsidiaries specializing in underwriting ocean marine, inland marine and non-marine liability insurance.