Weil Reps ProSight In $230M Nymagic Takeover

Law360, New York (July 15, 2010, 12:09 PM EDT) -- Property and casualty insurance company ProSight Specialty Insurance Holdings Inc. agreed to buy Nymagic Inc. on Thursday in a $230 million deal to take the marine insurer private.

The companies entered a definitive agreement that calls for ProSight to pay $25.75 per share, a 23.5 percent premium over Wednesday's closing price, Nymagic said.

ProSight is paying for the buyout entirely with equity. The company has backing in the deal from private investment firms TPG Capital and Goldman Sachs Group Inc.'s GS Capital Partners.

Nymagic chairman Robert...
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