Fitch Issues Rating for NYMAGIC

Fitch Ratings has assigned a 'BBB-' long-term issuer rating to NYMAGIC (NYSE:NYM) and to NYMAGIC's outstanding $100 million of 6.5% senior notes due 2014. The rating outlook is stable. The ratings reflect NYMAGIC's competitive position in ocean marine insurance, favorable operating results, conservative reserving, and low, albeit increasing, operating leverage. Weighted against these positives are uncertainties with respect to the company's expansion into specialty other liability lines, sizable reserves in exited business, and significant reinsurance leverage. NYMAGIC has a solid, niche...