NYMAGIC, INC.

                     DEFERRED COMPENSATION PROGRAM PURSUANT

                         TO THE LONG-TERM INCENTIVE PLAN



                          -----------------------------



                             Deferral Election Form



                          -----------------------------



        AGREEMENT, made this __ day of ___________ 200__ by and between the

undersigned participant (the "Participant") in the NYMAGIC, INC. 2004 Long-Term

Incentive Plan (the "Plan") and NYMAGIC, INC. (the "Company").



        WHEREAS, the Company has approved a deferred compensation program

pursuant to the Plan, and the Participant is eligible to participate in said

Plan on the terms set forth therein and in this Deferral Election Form and the

attached Distribution Election Form (together, the "Program Documents").



        NOW THEREFORE, it is mutually agreed as follows:



        1. By the execution hereof, the Participant agrees to participate in the

Plan upon the terms and conditions set forth therein, and, in accordance

therewith, make the elections set forth herein effective -



                ___     on the January 1st that follows the Committee's

                        acceptance of the Participant's Program Documents.





                ___     on the first day of the next calendar month, but only if

                        this election occurs within the 30-day period after the

                        Participant first becomes eligible for Plan

                        participation (NOTE: only newly elected directors may

                        choose this option).



        2. In accordance with the terms of the Resolutions adopted by the Board

of Directors at its September 15, 2004 and December ___, 2004 meetings, the

Participant will participate in the Plan upon the terms and conditions set forth

in the Program Documents, and 100% of the Participant's annual retainer fee for

services as a Director shall be credited to his Account as Deferred Share Units.



        3. In addition, the Participant may, by execution hereof, elect to defer

the receipt of:



                ___%    of the Participant's cash compensation in the form of

                        committee chair/and or committee member retainer fees

                        (up to 100%).







        4. This election will continue in force until either the effective date

of a superseding election by the Participant, or until the Participant

terminates service with the Company, or until the Plan is terminated by

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