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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K/A
 Amendment No. 1
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2008
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 1-11238.
 NYMAGIC, INC.
  New York
    
    13-3534162(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)919 Third Avenue, New York, NY
    
    10022(Address of principal executive offices)
    
    (Zip Code)
  
 Securities registered pursuant to Section 12(b) of the Act:
 Title of each class:
    
    Name of each exchange on which registered:Common Stock, $1.00 par value
    
    New York Stock Exchange
 Securities registered pursuant to Section 12(g) of the Act:
 Yes o No þ
 o þ
 þ o
 o o
 o
  Large Accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer
o(Do not check if a smaller reporting company)
    
    Smaller reporting company o
 o þ
 MARKET VALUE
  OUTSTANDING STOCK
  DOCUMENTS INCORPORATED BY REFERENCE




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EXPLANATORY NOTE




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##### 



PART IVItem 15. EXHIBITS. FINANCIAL STATEMENT SCHEDULES
    
    
    iiiSIGNATURES
    
    
    ivExhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   (ii)




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NYMAGIC, INC.
 
 PART IV
 
 Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
 (a)
    
    The following documents are filed as part of Amendment No. 1 to this report on Form 10-K:
 (2)
    
    Financial Statement Schedules:
 INDEX TO FINANCIAL STATEMENTS
 Altrion Capital, L.P.Financial Statements:Statement of Financial Condition
    
    
    2Condensed Schedule of Investments
    
    
    3Statement of Income
    
    
    4Statement of Changes in Partners Capital
    
    
    5Statement of Cash Flows
    
    
    6Notes to Financial Statements
    
    
    7-14
 (3)
    
    Exhibits: The following exhibits are filed as part of Amendment No. 1 to this report on Form 10-K:
 ExhibitNumber
    
    Description*31.1
    
    Certification of A. George Kallop, President and Chief Executive Officer, as adopted pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002.*31.2
    
    Certification of Thomas J. Iacopelli, Chief Financial Officer, as adopted pursuant to section 302 of the
Sarbanes-Oxley Act of 2002.*32.1
    
    Certification of A. George Kallop, President and Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*32.2
    
    Certification of Thomas J. Iacopelli, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
 *
    
    Filed herewith.  (b)
    
    The exhibits required to be filed herewith are listed above.(c)
    
    Financial Statements Schedules: Financial Statements of Altrion Capital, L.P.
  (iii)




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SIGNATURES
  NYMAGIC, INC.
(Registrant)By:
    /s/  Thomas J. IacopelliThomas J. IacopelliExecutive Vice President, Chief Financial Officer and Treasurer   (iv)




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ALTRION CAPITAL, L.P.




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STATEMENT OF FINANCIAL CONDITION
 
 ASSETSInvestment in investment entity, at fair value
    
    $
    29,160,000Securities owned, at fair value (cost $3,813,177)
    
    
    3,106,804Receivable from broker
    
    
    1,670,345Other fee receivable
    
    
    72,875Accrued interest receivable
    
    
    36,121Total assets
    
    $
    34,046,145LIABILITIES AND PARTNERS CAPITALAccrued expenses
    
    $
    89,270Partners capital
    
    
    33,956,875Total liabilities and partners capital
    
    $
    34,046,145
 The accompanying notes are an integral part of this statement.
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CONDENSED SCHEDULE OF INVESTMENTS
    Quantity
    
    
    
    
    Fair valueINVESTMENT IN INVESTMENT ENTITY, AT FAIR VALUE (85.87%)United States (85.87%)Financial (85.87%)2,000,000
    
    
    Tiptree Financial Partners, LP (85.87%)
    
    $
    29,160,000TOTAL INVESTMENT IN INVESTMENT ENTITY, AT FAIR VALUE
(COST $30,000,000)
    
    $
    29,160,000SECURITIES OWNED, AT FAIR VALUE (9.15%)BANK DEBT (9.15%)United States (9.15%)Communications (1.00%)
    
    $
    342,296Consumer, Cyclical (3.66%)
    
    
    1,241,813Consumer, Noncyclical (2.52%)
    
    
    855,151Energy (1.38%)
    
    
    467,544Financial (0.59%)
    
    
    200,000TOTAL SECURITIES OWNED, AT FAIR VALUE (COST $3,813,177)
    
    $
    3,106,804
 The accompanying notes are an integral part of this schedule.
  3




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STATEMENT OF INCOME
    Investment incomeInterest
    
    $
    1,359,826Dividends
    
    
    2,660,000Other fee income
    
    
    380,958Total investment income
    
    
    4,400,784ExpensesManagement fee
    
    
    151,701Interest expense
    
    
    89,490Professional fees
    
    
    80,834Total expenses
    
    
    322,025Net investment income
    
    
    4,078,759Realized and unrealized gain (loss) on investmentsNet realized loss on securities
    
    
    (3,177,197
    )Net unrealized gain on securities
    
    
    393,626Net unrealized loss on swap contracts
    
    
    (28,000
    )Net unrealized loss on investment in entities
    
    
    (840,000
    )Net realized and unrealized loss on investments
    
    
    (3,651,571
    )Net income
    
    $
    427,188
 The accompanying notes are an integral part of this statement.
  4




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STATEMENT OF CHANGES IN PARTNERS CAPITAL
    General
    
    
    Limited
    
    
    TotalPartner
    
    
    Partner
    
    
    capitalPartners capital at December 31, 2007
    
    $
    896,547
    
    
    $
    43,365,811
    
    
    $
    44,262,358Capital withdrawals
    
    
    (732,671
    )
    
    
    (10,000,000
    )
    
    
    (10,732,671
    )Allocation of net incomePro rata allocation
    
    
    (6,884
    )
    
    
    434,072
    
    
    
    427,188Partners capital at December 31, 2008
    
    $
    156,992
    
    
    $
    33,799,883
    
    
    $
    33,956,875
 The accompanying notes are an integral part of this statement.
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STATEMENT OF CASH FLOWS
    Cash flows from operating activitiesNet income
    
    $
    427,188Adjustments to reconcile net income to net cash provided by
operating activitiesChanges in assets and liabilitiesDecrease in operating assetsInvestment in investment entity, at fair value
    
    
    840,000Securities owned, at fair value
    
    
    1,018,204Receivable from broker
    
    
    7,481,193Other fee receivable
    
    
    10,244Accrued interest receivable
    
    
    1,013,879(Decrease) in operating liabilitiesAccrued expenses
    
    
    (58,037
    )Net cash provided by operating activities
    
    
    10,732,671Cash flows from financing activitiesCapital withdrawals
    
    
    (10,732,671
    )Net cash used in financing activities
    
    
    (10,732,671Net change in cash
    
    
    Cash at beginning of year
    
    
    Cash at end of year
    
    $
    Supplemental disclosures of cash flow information:Cash paid during the year for
Interest
    
    $
    89,490
 The accompanying notes are an integral part of this statement.
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NOTES TO FINANCIAL STATEMENTS
 NOTE A  ORGANIZATION
 Altrion Capital, L.P. (the Partnership), formerly known as Tricadia CDO Fund, L.P. was
formed on July 3, 2003, as a Delaware limited partnership and commenced operations on October 1,
2003. The Partnership amended and restated the terms of its limited partnership agreement (the
Partnership Agreement) effective June 19, 2008 (the Amendment Date), to change the name of
the Partnership.
 Tricadia Capital, LLC the General Partner), a Delaware limited liability company, is the
General Partner of the Partnership. Tricadia CDO Management, LLC (the Investment Manager) is
the Investment Manager of the Partnership. The Investment Manager provides administrative and
management services to the Partnership and is registered with the Securities and Exchange
Commission as an investment adviser under the Investment Advisers Act of 1940. The General
Partner and Investment Manager are affiliated with Mariner Investment Group, LLC (MIG), a
Delaware limited liability company, which is also registered with the Securities and Exchange
Commission as an investment adviser under the Investment Advisers Act of 1940.
 The Partnership seeks to achieve realized capital appreciation by investing in, among other
things, interests in collateralized debt obligation (CDO) securities, collateralized loan
obligation (CLO) securities, credit-related structured product (CRS) securities and other
structured product securities that are structured, managed, advised or issued by the General
Partner or the Investment Manager.
 NOTE B  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 The accompanying financial statements are prepared on the accrual basis of accounting in
accordance with accounting principles generally accepted in the United States of America.
 The following are the significant accounting policies adopted by the Partnership:
 1.
    
    Investment in Investment Entity, at Fair ValueInvestment in investment entity represents ownership in a private investment partnership
that is carried at fair value in the statement of financial condition. Such value is based
upon, among other things, the Partnerships proportionate share of the value of the investee
entitys net assets. The Partnerships risk of loss in this entity is limited to its
investment in the investee entity.
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NOTES TO FINANCIAL STATEMENTS (continued)
 NOTE B (continued)
 2.
    
    Valuation of Investments in Securities at Fair ValueThe Partnership adopted Financial Accounting Standards Board Statement of Financial
Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective January 1,
2008. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques
giving the highest priority to readily available unadjusted quoted prices in active markets
for identical assets (level 1 measurements) and the lowest priority to unobservable inputs
(level 3 measurements) when market prices are not readily available or reliable. The three
levels of hierarchy under SFAS 157 are described below:
    3.
    
    Securities Transactions and Valuation TechniquesSecurities transactions are recorded on a trade-date basis. Dividend income is recorded
on the ex-dividend date. Interest is accrued when earned.The Partnership values securities that are traded on a national securities exchange (or
a national market security reported by the National Association of Securities Dealers
Automated Quotations system) at the last reported sales price on the day of determination.Fixed income securities traded in the over-the-counter market are stated at fair value
which is established based on quotes from third-party market makers in those markets.Securities for which no market prices are available will be valued by the General
Partner in reliance upon one or more quotes received from a securities broker-dealer that has
been granted the designation of primary dealer by the Federal Reserve Bank of New York.
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NOTES TO FINANCIAL STATEMENTS (continued)
 NOTE B (continued)
 Unrealized gains or losses are credited or charged directly to income.4.
    
    Income TaxesIncome of the Partnership is allocated to the individual partners for inclusion in their
respective tax returns. Accordingly, no provision is made for Federal, state or local income
taxes in the accompanying financial statements, nor are any income taxes payable by the
Partnership.5.
    
    Use of EstimatesThe preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make estimates and
assumptions in determining the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates.
 NOTE C  RECENT ACCOUNTING PRONOUNCEMENTS
 In December 2008, the Financial Accounting Standards Board issued FASB Staff Position (FSP)
FIN 48-3, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises. FSP
FIN 48-3 permits an entity within its scope to defer the effective date of FASB Interpretation
48 (Interpretation 48), Accounting for Uncertainty in Income Taxes, to its annual financial
statements for fiscal years beginning after December 15, 2008. The Partnership has elected to
defer the application of Interpretation 48 for the year ended December 31, 2008.
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NOTES TO FINANCIAL STATEMENTS (continued)
 NOTE D  INVESTMENTS
 The following table summarizes the valuation of the Partnerships investments within the SFAS
157 fair value hierarchy levels as of December 31, 2008:
 Quoted prices
    
    
    Otherin active
    
    
    significantmarkets for
    
    
    observable
    
    
    Unobservable
    
    
    Balance as ofidentical assets
    
    
    inputs
    
    
    inputs
    
    
    December 31,Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    2008Investment in investment
entity, at fair value
    
    $
    
    
    
    $
    
    
    
    $
    29,160,000
    
    
    $
    29,160,000Securities owned, at fair value
    
    
    
    
    
    
    3,106,804
    
    
    
    
    
    
    
    3,106,804Total
    
    $
    
    
    
    $
    3,106,804
    
    
    $
    29,160,000
    
    
    $
    32,266,804
 The following table presents a reconciliation of the investment in which significant
unobservable inputs (Level 3) were used to determine fair value:
 Balance, December 31, 2007
    
    $
    30,000,000Purchases (sales), net
    
    
    Transfers in (out) of Level 3
    
    
    Unrealized gains (losses), net
    
    
    (840,000
    )Realized gains (losses), net
    
    
    Balance, December 31, 2008
    
    $
    29,160,000
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NOTES TO FINANCIAL STATEMENTS (continued)
 NOTE E  MANAGEMENT FEE
 The Partnership pays the Investment Manager a quarterly management fee (the Management Fee),
in arrears, equal to 0.375% (approximately 1.50% per annum). During the two-year period
extending from the amendment date through the second anniversary thereof, the Management Fee is
calculated on the higher of the Limited Partners (i) aggregate capital contributions and (ii)
capital account value, as of the last day of each month in the fiscal quarter to which the
Management Fee relates. After the conclusion of this two-year period, the Management Fee will
be calculated against the value of the Limited Partners capital account only. If the Limited
Partner makes a capital contribution or capital withdrawal other
than as of the first day of a fiscal quarter, the Management Fee shall be computed on a pro rata
basis for such partial period. In consideration for the Management Fee, the Investment Manager
provides investment management and certain administrative services to the Partnership. The
Investment Manager has elected to exclude the value of the Partnerships investment in Tiptree
Financial Partners, L.P. (Tiptree), a master limited partnership advised by an affiliate of
the Investment Manager. For the year ended December 31, 2008, the total Management Fee charged
to the Partnership was based on the value of the Limited Partners capital account, less the
Limited Partners pro rata portion of the investment in Tiptree, and amounted to $151,701, of
which $5,976 is payable and included in accrued expenses on the statement of financial
condition.
 NOTE F  SPECIAL ALLOCATION
 The General Partner is entitled to receive an incentive allocation (the Special Allocation)
with respect to the capital account of the Limited Partner generally at the end of each fiscal
year. Pursuant to the terms of the Partnership Agreement, the Special Allocation is equal to
25% of the positive performance change allocated to the Limited Partners capital account in
excess of a noncumulative hurdle rate comprised of the product of the Limited Partners capital
account, as adjusted for contributions and withdrawals, and the yield on the applicable
one-month USD LIBOR rate in effect during the period plus a margin of 2%, excluding income
allocated to the Limited Partners capital account attributable to other fee income from
certain CDOs (see Note G). The calculation of the Special Allocation also excludes income
derived from the Tiptree investment.
 For the year ended December 31, 2008, there was no Special Allocation charged to the Limited
Partners capital account and credited to the General Partners capital.
 NOTE G  RELATED PARTY TRANSACTIONS
 An affiliate of MIG provides monthly accounting services to the Partnership. The Partnership is
subject to a monthly asset-based fee for such services, which amounted to $40,221 and is
included in professional fees on the statement of income for the year ended December 31, 2008,
of which $2,544 is payable and is included in accrued expenses on the statement of financial
condition.
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NOTES TO FINANCIAL STATEMENTS (continued)
 NOTE H  OTHER FEE INCOME
 In order to entice the Partnership to purchase equity interests in a CDO, CLO or CRS that
is managed or advised by the Investment Manager, any fee received by the Investment Manager for
managing such CDO, CLO or CRS, exclusive of any fees paid to MIG, will be shared with the
Partnership to enhance the yield of the investment. The amount of fees shared with the
Partnership is based on the management fees attributable to the investment multiplied by a
fraction, the numerator of which is the amount of equity in an investment held by the
Partnership, and the denominator of which is the total amount of equity interests issued. In
the event that the Partnership disposes of all or a portion of its equity in such an investment,
the portion of management fees to which the Partnership is entitled shall be reduced accordingly
as of the date of the disposition. Generally, only in limited circumstances shall the level of
fees shared with the Partnership be less than 12.5% of such fees.
 Collectively, income from these other fees amounted to $380,958 for the year ended December
31, 2008, of which $72,875 is receivable and is included in other fee receivable on the
statement of financial condition.
 NOTE I  INVESTMENT IN INVESTMENT ENTITY
 The Partnership acquired 2,000,000 limited partnership units of Tiptree in June 2007 at
$15.00 per unit, or $30,000,000. Tiptree is a Delaware master limited partnership that seeks to
acquire performing and distressed credit assets and related equity instruments and make
acquisitions and form joint ventures primarily focused on specialty finance companies and
alternative asset managers. The Investment Manager of the Partnership and Tiptree share the
same managing members.
 NOTE J  RECEIVABLE FROM BROKERS
 The receivable from brokers represents funds which have not yet been invested and proceeds from
realized securities transactions held by the primary clearing broker, deposits held by the
derivative counterparty, and unrealized gains and losses from derivative transactions. These
funds, as well as fully paid for and margined securities, are essentially restricted to the
extent that they serve as collateral against margin debit balances. During the year ended
December 31, 2008, an interest-bearing deposit was placed with a broker acting as counterparty
to CDS contracts with the Partnership. Additionally, deposits were placed with warehousing
brokers as collateral in accordance with agreements made by the Investment Manager and such
brokers in connection with future CDO and CLO offerings that will be managed or advised by the
Investment Manager. Under these agreements, the brokers warehouse in their own accounts
securities that will ultimately be resold by the brokers to CDO and CLO structures offered to
investors. The Investment Manager has directed the Partnership to provide cash collateral as
security to the brokers with respect to the securities warehoused by them.
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NOTES TO FINANCIAL STATEMENTS (continued)
 NOTE J (continued)
 At the conclusion of the warehouse period, the securities are sold to the CDO and CLO structures
by the brokers and the cash collateral is returned to the Partnership. In addition, the
Partnership receives income with respect to the cash collateral provided. As of December 31,
2008, the Partnership had no cash collateral held by warehousing brokers.
 It is the Partnerships policy to monitor the credit standing of the brokers with whom it
conducts business.
 NOTE K  FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET AND CREDIT RISK
 Market Risk
 In the normal course of business, the Partnership may enter into transactions in financial
instruments with off-balance-sheet risk. These financial instruments contain varying degrees of
off-balance-sheet risk to the extent that subsequent changes in the market value of the
securities underlying the financial instruments may be in excess of the amounts recognized in
the statement of financial condition. In many cases, the Partnership would attempt to limit its
risk by holding offsetting securities positions.
 Credit Risk
 The Partnership is subject to credit risk at December 31, 2008, as substantially all securities
owned are securities held by its primary clearing broker.
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NOTES TO FINANCIAL STATEMENTS (continued)
 NOTE L  FINANCIAL HIGHLIGHTS
 Financial highlights of the Partnership for the year ended December 31, 2008, are as follows:
 Total return (1)Total return
    
    
    0.36
    %Ratio to average net assets (2)Net investment income
    
    
    10.10
    %Net realized and unrealized loss on investments
    
    
    (9.05
    )Expenses
    
    
    (.80
    )
 (1)
    
    Total return represents the change in value of an investment by comparing the aggregate
beginning and ending values of the Limited Partners capital taken as a whole, adjusted for
cash flows related to capital contributions or withdrawals during the year. An individual
investors return may vary from this return based on the timing of capital transactions.(2)
    
    Average net assets were derived from the beginning and ending Limited Partners capital
balance for the year, and annualized, as well as adjusted for cash flows related to the
capital contributions and withdrawals during the year. For the year ended December 31,
2008, the average net assets amounted to $40,177,865.
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EXHIBIT INDEX
 ExhibitNumber
    
    Description*31.1
    
    Certification of A. George Kallop, President and Chief
Executive Officer, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.*31.2
    
    Certification of Thomas J. Iacopelli, Chief Financial Officer,
as adopted pursuant to section 302 of the Sarbanes-Oxley Act
of 2002.*32.1
    
    Certification of A. George Kallop, President and Chief
Executive Officer, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.*32.2
    
    Certification of Thomas J. Iacopelli, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
 
 *
    
    Filed herewith.