FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

GOLDMAN SACHS GROUP INC

2. Date of Event Requiring Statement (MM/DD/YYYY)
7/15/2010 

3. Issuer Name and Ticker or Trading Symbol

NYMAGIC INC [NYM]

(Last)        (First)        (Middle)

200 WEST STREET, 

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                            ___ X ___ 10% Owner
_____ Officer (give title below)          _____ Other (specify below)

(Street)

NEW YORK, NY 10282       

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed (MM/DD/YYYY)

 

6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person


Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4) 		2. Amount of Securities Beneficially Owned
(Instr. 4) 		3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5) 		4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock   0   (3) I   See Footnotes   (1) (2) (3) (4)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4) 		2. Date Exercisable and Expiration Date
(MM/DD/YYYY) 		3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4) 		4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5) 		6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  See Exhibit 99.2
( 2)  See Exhibit 99.2
( 3)  See Exhibit 99.2
( 4)  See Exhibit 99.2

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
GOLDMAN SACHS GROUP INC
200 WEST STREET
NEW YORK, NY 10282
X

GOLDMAN SACHS & CO
200 WEST STREET
NEW YORK, NY 10282
X

GOLDMAN, SACHS MANAGEMENT GP GMBH
MESSETURM
FRIEDRICH-EBERT-ANLAGE 49
FRANKFURT / MAIN, 2M 60323
X

GSCP VI Advisors, L.L.C.
200 WEST STREET
NEW YORK, NY 10282
X

GSCP VI Offshore Advisors, L.L.C.
200 WEST STREET
NEW YORK, NY 10282
X

GS Advisors VI, L.L.C.
200 WEST STREET
NEW YORK, NY 10282
X

GS Capital Partners VI Fund, L.P.
200 WEST STREET
NEW YORK, NY 10282
X

GS Capital Partners VI Offshore Fund, L.P.
200 WEST STREET
NEW YORK, NY 10282
X

GS Capital Partners VI Parallel LP
200 WEST STREET
NEW YORK, NY 10282
X

GS Capital Partners VI GmbH & Co KG
200 WEST STREET
NEW YORK, NY 10282
X


Signatures
See Exhibit 99.1 - Signatures 7/26/2010
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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