NYMAGICNew York Marine and General Insurance Company
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The NYMAGIC bumbershoot policy provides no coverage for Tesla.
Tesla is not entitled to coverage under the OneBeacon MCL policy or the NYMAGIC bumbershoot policy.
US insurer Nymagic (NYSE:NYM) said its USD25.75 (EUR19.24) per share takeover by Prosight Specialty Insurance Holdings has been finalised.
The deal is worth USD25.75 per share, which carries a premium of 23.5 per cent on NYMAGIC, Inc's closing price of USD20.85 yesterday.
NYMAGIC, Inc's chairman, Robert G Simses, said, 'We are pleased to reach an agreement with ProSight Specialty Insurance that we strongly believe is in the best interest of our shareholders, presenting them with excellent value for their shares.
For the year ending December 31, 2009, Nymagic reported total revenue of $217.495 million and net income of $45.463 million as compared to total revenue and a net loss of $56.181 million and $104.335 million, respectively, for the prior year.
If you own common stock in Nymagic and wish to obtain additional information, please contact Joseph E.
The deal values Nymagic at USD25.75 per share and represents a premium of 23.5% to the company's closing share price on Wednesday.
On September 28th, Lafarge advised NYMAGIC that it would not use any of the six law firms proposed by NYMAGIC and insisted on continuing to use the three firms it had retained instead.
On imports, NYMagic is less concerned with a specific cargo carrier and more concerned with the country of origin.
Bailey, recently elected chief executive officer at NYMagic Inc., said he is looking forward to taking advantage of an improved marine and aviation insurance market.