SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 1O-K/A
(Mark One)
[ X ]    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
         OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]

         For the fiscal year ended December 31, 1996
                                       OR

[   ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
         OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

         For the transition period from ______________    to ________________

                         Commission file number 1-11238.

                                  NYMAGIC, INC.
             (Exact name of registrant as specified in its charter)
           New York                                                 13-3534162
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

330 Madison Avenue, New York, NY                                        10017
(Address of principal executive offices)                              (Zip Code)

       Registrant's telephone number, including area code: (212) 551-0600
                                    ---------
           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:
                                      None

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No

Indicate by check mark if disclosure of delinquent  filers  pursuant to Rule 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]

The  aggregate  market  value of  voting  stock  held by  non-affiliates  of the
registrant, as of March 1, 1997, was approximately $85,887,845.

The number of shares  outstanding of each of the registrant's  classes of common
stock,  as of March 1, 1997,  was 10,143,052  shares of common stock,  $1.00 par
value.
                       DOCUMENTS INCORPORATED BY REFERENCE

Portions  of the  Company's  Proxy  Statement  for the 1997  Annual  Meeting  of
Shareholders are incorporated by reference in Part III.


<PAGE>



                                   SIGNATURES


     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.


                                             NYMAGIC, INC.
                                             (Registrant)


                                             By:  /s/ Mark W. Blackman
                                                ----------------------
                                                Mark W. Blackman
                                                Chief Executive Officer


                                             Date: March 5, 1997
                                                  --------------


     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
Report  has  been  signed  below  by the  following  persons  on  behalf  of the
Registrant and in the capacities and on the date indicated.

Name                                       Title                      Date
----                                       -----                      ----

/s/ John N. Blackman, Jr          Chairman of the Board          March 5, 1997
------------------------           and Director
John N. Blackman, Jr.


/s/ Mark W. Blackman              President, Chief Executive     March 5, 1997
--------------------               Officer and Director
Mark W. Blackman


/s/ Thomas J. Condon              Director                       March 5, 1997
--------------------
Thomas J. Condon


/s/ Jean H. Goulding              Director                       March 5, 1997
--------------------
Jean H. Goulding


/s/ James A. Lambert              Director, General Counsel,     March 5, 1997
--------------------               Chief Operating Officer
James A. Lambert                   and Secretary



/s/ John Kean, Jr                 Director                       March 5, 1997
--------------------
John Kean, Jr.




<PAGE>



Name                                       Title                      Date
----                                       -----                      ----

/s/ Charles A. Mitchell           Director and Vice President    March 5, 1997
--------------------
Charles A. Mitchell


/s/ Michael S. Shaffet            Director                       March 5, 1997
--------------------
Michael S. Shaffet


/s/ William R. Scarbrough         Director                       March 5, 1997
--------------------
William R. Scarbrough


/s/ Richard T. Soper              Director                       March 5, 1997
--------------------
Richard T. Soper


/s/ William A. Thorne             Director                       March 5, 1997
--------------------
William A. Thorne


/s/ Sergio B. Tobia               Director                       March 5, 1997
--------------------
Sergio B. Tobia


/s/ Louise B. Tollefson           Director                       March 5, 1997
-----------------------
Louise B. Tollefson


/s/ Thomas J. Iacopelli           Principal Accounting Officer   March 5, 1997
-----------------------            and Chief Financial Officer
Thomas J. Iacopelli