BNET Industries

Market Cap:$145.0M
Last Fiscal Year Sales:$190.4M
  • Public
  • US
Dow Jones Description

The MMO Group has been writing specialty insurance for over 40 years. We pride ourselves on being an industry leader. Our underwriting staff is among the most experienced in the industry and can tailor coverage to meet the unique and specific needs of each client. Our expertise extends across a wide range of lines including, Ocean Marine and Energy, Commercial Property & Casualty, Professional Liability and Excess Workers Compensation.

President and Chief Executive Officer
A. George Kallop
Number of Employees 159
Contact Information

919 3rd Ave

New York, New York 10022

nymagic.com

(212) 551-0600

NAICS Code Reinsurance Carriers: 524130

Recent Events

  • NYMAGIC Swings To Profit In Q3 - Quick Facts

    11/02/09 - Financial Announcement - View Story

  • NYMAGIC, INC. Increases Dividend

    9/21/09 - Stock Split / Dividend - View Story

  • NYMAGIC chief underwriting officer resigns

    8/18/09 - Mgmt. Change Leaving - Other - View Story

  • NYMAGIC, INC. Reports A.M. Best Co.'s Reaffirmation of Insurance Company Ratings

    6/24/09 - Bond / Stock Rating - View Story

News & Analysis

nymagic inc. - All News and Analysis

Decision Makers

Name (plus bio) Position
A. George Kallop President and Chief Executive Officer
Arthur George Kallop President and CEO
Craig S. Lowenthal CIO & Senior Vice President
John Iacopelli Thomas Executive Vice President and Cfo
Mark W. Blackman Executive Vice President and Cuo
Richard Lewis Nymagic, Inc. Names Lowenthal Senior Vice President and CIO
Thomas Iacopelli Executive Vice President and Chief Financial Officer
George Sutcliffe Executive Vice President, Claims
Robert Yanoff Glenn Executive Vice President
George Berg Senior Vice President Claims
Paul Hart Senior Vice President, General Counsel and Secretary
David Keith Hamel Vice President and Controller
John N Blackman Founder
David W. Young Partner of Ccp Equity Partners, Llc
Gerard Vecchio Director

Board of Directors

Name (plus bio) Position
Robert G. Simses Chairman
David E. Hoffman Board of Directors
Dennis H. Ferro Board of Directors
Glenn Angiolillo Board of Directors
J Artinian Ronald Board of Directors
John R. Anderson Board of Directors
John T. Baily Board of Directors
Joseph Hart Paul Board of Directors
Ronald J. Artinian Board of Directors
William D. Shaw Jr. Vice Chairman
William J. Michaelcheck Board of Directors

Organization Position Status
Nymagic, Inc. President and Chief Executive Officer Current
Nymagic, Inc. Board of Directors Current
Bear, Inc. Managing Director Former
Nymagic, Inc. Sales Executive Former

Mr. Kallop is the President and Chief Executive Officer. He became the Executive Vice President of the Company in May 2002 and in February 2004 he was appointed to the additional position of Chief Operating Officer. He was appointed to his current position October 2005. From 1999 to 2002, Mr. Kallop was a principal of Mariner Investment Group, Inc., a professional asset management company. Previously, Mr. Kallop was a managing director of Bear, Stearns & Co. Inc., a global investment banking, securities and brokerage firm.

Organization Position Status
Nymagic, Inc. President and CEO Current
Nymagic, Inc. Sales Executive Current
Nymagic, Inc. Board of Directors Current
Bear, Inc. Managing Director Former

Mr. Lowenthal has been Executive Vice President and Chief Information Officer since March 2008. Previously, he was Senior Vice President and Chief Information Officer since March 2007. Mr. Lowenthal was a Managing Principal and the Chief Information Officer of Integro Insurance Brokers from June 2005 until April 2007. Before joining Integro, Mr. Lowenthal was with Hartford Financial Products, a unit of The Hartford Financial Services Group, Inc., where he was Vice President and Chief Information Officer of Hartford Financial Products from 2000 to 2005.

Organization Position Status
Nymagic, Inc. CIO & Senior Vice President Current
Integro Ltd. Former

Organization Position Status
Nymagic, Inc. Executive Vice President and Cfo Current

Mark W. Blackman, who was a Director of the Company from 1979 until May 2004, has been Chief Underwriting Officer since June 2002, and he was appointed to the additional position of Executive Vice President in September 2005. He was employed by the Company from 1977 until September 1998 and was the President from 1988 until September 1998. From October 1998 until May 2002 Mr. Blackman was a private investor.

Organization Position Status
Nymagic, Inc. Chief Executive Officer Former
Nymagic, Inc. Director Current

Organization Position Status
Nymagic, Inc. Nymagic, Inc. Names Lowenthal Senior Vice President and CIO Current

Mr. Iacopelli has been Executive Vice President and Chief Financial Officer since March 2008. Previously, he was Senior Vice President and Chief Financial Officer since 2002. Mr. Iacopelli was appointed Chief Financial Officer in 1989 and was elected Treasurer in 2000.

Organization Position Status
Nymagic, Inc. Executive Vice President and Chief Financial Officer Current
Nymagic, Inc. Board of Directors Current

Mr. Sutcliffe is Executive Vice President and Chief Claims Officer. He began his career at the Company in 1990 as a casualty loss adjuster. After earning his J.D. in 2000, he became a partner at McMahon, Martine & Gallagher, LLP, where he specialized in insurance defense litigation. He rejoined the Company in September 2006 as Senior Vice President and was appointed to his current position in March 2008.

Organization Position Status
Nymagic, Inc. Executive Vice President, Claims Current

Organization Position Status
Nymagic, Inc. Executive Vice President Current
Nymagic, Inc. Board of Directors Current

Mr. Berg was awarded options under the NYMAGIC, INC. 2002 Non-qualified Stock Option Plan, but exercised all of his options prior to December 31, 2006. Mr. Berg retired from the Company on January 31, 2007.

Organization Position Status
Nymagic, Inc. Senior Vice President Claims Current

Mr. Hart has been Executive Vice President, General Counsel and Secretary since March 2008. Previously, he was the Senior Vice President, General Counsel and Secretary since 2002. Mr. Hart also held the position of Chief Financial Officer and General Counsel of Encompys, Inc., a software services provider, from August 2001 through July 2002.

Organization Position Status
Nymagic, Inc. Senior Vice President, General Counsel and Secretary Current
Nymagic, Inc. Board of Directors Current

Organization Position Status
Nymagic, Inc. Vice President and Controller Current

Organization Position Status
Nymagic, Inc. Founder Current

Organization Position Status
Farmington Capital Management, LLC. Partner Current
CCP Equity Partners Partner Current
Nymagic, Inc. Partner of Ccp Equity Partners, Llc Current
Global View, Inc. Board Member Current
The Leasing Group Board Member Current
FNX Limited Board Member Current
Nymagic, Inc. Board of Directors Current
The Progressive Corporation Chief Investment Officer Former
Brown Brothers, Harriman & Co. Head Former
Neovest, Inc. Board Member Former
Rutgers University BA Degree Former

Bob has been specializing in the areas of estate planning, estate administration, estate taxation, and real estate for over thirty years. Bob received a Bachelor of Arts from Boston University in 1968. From 1968 to 1971 he served on active duty as a member of the Naval Administrative Unit at the White House in Washington D.C. Bob received his Juris Doctorate from Case Western Reserve University School of Law in 1974, a Master of Laws in Taxation from Georgetown University School of Law in 1979; and a Master of Laws in Estate Planning from the University of Miami School of Law in 1981. Bob is admitted to the practice of law in Florida and Connecticut. Prior to forming the law firm of Simses & Associates, Bob served as a Senior Tax Law Specialist with the Office of Chief Counsel in the National Office of the Internal Revenue Service, Washington, D.C. He served in that capacity from 1975 to 1980. In 1981 Bob joined the Connecticut-based law firm of Cummings & Lockwood. In 1995 he became the partner-in-charge of its Palm Beach office. In 2001 he left the firm to start his own law practice. Bob is a Director of NYMAGIC, Inc., a New York Stock Exchange insurance company. He is also a member of the Board of Director's Executive Committee, Finance Committee, and Underwriting Committee. Bob is President, Chief Operating Officer, and a Director of The William H. Pitt Foundation. The Foundation is a private charitable organization established to provide educational scholarships to students and grants to schools and other organizations that help promote education. Bob is also a Director of The Palm Beach Day Academy, a co-educational elementary/middle school located in Palm Beach, Florida. In addition, he is a Trustee of the Louise B. Blackman Tollefson Family Foundation and a Trustee of the Elayne & Donald Flamm Foundation. Bob is a member of the Palm Beach County Bar Association, East Coast Estate Planning Council, and the Florida Bar Association. Bob and his wife and law partner, Mary, live in Palm Beach with their daughter, Morgan.

Organization Position Status
Simses & Associates Partner Former
Simses Managing Partner Current
Nymagic, Inc. Chairman Current
The East Coast Estate Planning Council Inc Board of Directors Current
Palm Beach Day Academy Director Current
Palm Beach County Bar Association Board of Directors Current
Palm Beach County Bar Association Member Current
The East Coast Estate Planning Council Inc Member Current
Cummings & Lockwood Partner Former
University of Miami School of Law Master of Laws In Estate Planning Former
Boston University Bachelor of Arts Former

David E. Hoffman is a private investor. Previously, he served in a variety of positions with Accenture, the public consulting firm, from 1979 until his retirement in 2002. At the time of his retirement Mr. Hoffman was the Global Managing Partner of Accenture’s banking, investment management and insurance industry practice.

Organization Position Status
Nymagic, Inc. Board of Directors Current

Dennis H. Ferro was, until his retirement in 2008, the President and Chief Executive Officer of Evergreen Investment Management Company having been appointed to that position in 2003, and having been employed there since 1999. From 1994 to 1999 Mr. Ferro held a number of senior positions at Zurich Investment Management, LTD., including Chief Executive Officer, Managing Director of Scudder Investments, U.K. LTD.

Organization Position Status
Nymagic, Inc. Board of Directors Current

Mr. Vecchio has more than 19 years experience in private equity investing and investment banking in the insurance and health care service industries. Prior to joining Century Capital Management, Mr. Vecchio was a Partner at Conning Capital Partners. In his capacity as an investor, he served on numerous boards as a director or observer including Arlberg Holdings Company, Inc., Cogent Health Care, Inc., Familymeds, Inc., Home Financial Network, NYMAGIC, Inc., Paradigm Health Care, Paula Financial, Ward North America, Inc. Mr. Vecchio holds a AB from Middlebury College and an MBA from the Wharton School of the University of Pennsylvania.

Organization Position Status
Point Judith Capital Managing Director, Century Capital Management Current
Century Capital Management LLC Managing Director Current
Cogent Health Care, Inc. Director Current
Point Judith Capital Board of Directors Current
Point Judith Capital Partners Advisory Member Current
Nymagic, Inc. Director Current
Ward North America, Inc. Director Current
Familymeds, Inc. Director Current
Century Capital Management LLC Principal Former
Conning & Company Former
PAULA Financial Director Former
Home Financial Network, Inc. Director Former
The Wharton School of the University of Pennsylvania Mba Former
Wharton Graduate School of the University of Pennsylvania MBA Former
Middlebury College Ab Former

Glenn Angiolillo has served as president of GJA Corp., a consulting and advisory firm specializing in wealth management, since 1998. Previously, Mr. Angiolillo was a partner and member of the Management Committee in the law firm of Cummings & Lockwood where he concentrated in the areas of corporate law, mergers and acquisitions and banking and finance. Mr. Angiolillo serves on the board of directors of LICT Corp., formerly known as Lynch Interactive Corp. He also served on the board of directors of Farrel Corporation for all of 2006, but as of February 23, 2007 he no longer serves on that board of directors.

Organization Position Status
Lict Corporation Board of Directors Current
Nymagic, Inc. Board of Directors Current
Farrel Corporation Board of Directors Former

Organization Position Status
Nymagic, Inc. Board of Directors Current

John R. Anderson served as the president and owner of Cedarhill Consultants, Inc., an insurance consulting firm, as well as a sales consultant for the S&W Agency, Inc., an insurance agency, from January 1999 until his retirement in December 2001. From 1991 through December 1998, Mr. Anderson was a 50% owner of the Compain-Anderson Group, Inc., a general agency of Guardian Life Insurance Company.

Organization Position Status
Nymagic, Inc. Board of Directors Current
Nymagic, Inc. President and Owner of Cedarhill Consultants, Inc. Former

Organization Position Status
Erie Family Life Insurance Company Board of Directors Current
Endurance Specialty Holdings Ltd. Board of Directors Current
RLI Corp. Board of Directors Current
Nymagic, Inc. Board of Directors Current
PricewaterhouseCoopers partner Former
PricewaterhouseCoopers National Insurance Industry chairman Former
Erie Indemnity Company Chair Former
PricewaterhouseCoopers Board of Directors Former
Cooper's Inc. Board of Directors Former
University of Chicago MBA Former

Organization Position Status
Nymagic, Inc. Board of Directors Current

Ronald J. Artinian is a private investor. Previously, from 1989 until his retirement in 1998, he was an executive vice president and senior managing director with Smith Barney. Mr. Artinian serves on the boards of directors of First Real Estate Investment Trust of New Jersey and The Reserve Fund.

Organization Position Status
Nymagic, Inc. Board of Directors Current

William D. Shaw, Jr., became the Vice Chairman of the Company in May 2002. Since January 1, 2004 he has been employed by Mariner and is a member of its management and investment committees. He has been the managing member of Mariner LLC, an investment management company not directly affiliated with Mariner since 1999. From 1998 to 1999, Mr. Shaw served as chairman of the board of directors of Aubrey G. Lanston & Co. Inc., a securities broker-dealer, and also served as its president and chief executive officer from 1993 to 1998.

Organization Position Status
Nymagic, Inc. Vice Chairman Current
Nymagic, Inc. Board of Directors Former

William J. Michaelcheck founded Mariner Investment Group, Inc., an affiliate of Mariner, in 1992 and continues to serve as its chairman. Previously, he was an executive vice president of Bear Stearns Companies Inc., the parent company of Bear, Stearns & Co. Inc., and a Senior Managing Director of Bear, Stearns & Co. Inc.

Organization Position Status
Nymagic, Inc. Board of Directors Current
Mariner LLC Managing Member Current
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     NYM $17.18 -0.21 (-1.21% )
Average Volume 18,946
Shares Outstanding 8.44M
Market Cap 145.0M
Year High 19.55
Year Low 7.87
Earnings Per Share 1.35
P/E Ratio 12.73
Dividend 0.24
Yield 1.40
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