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Paulina Slagter, Ryan Phillippe, Ring

Talqual films

There's the rock!

Ryan Phillippe's new fiancée, Paulina Slagter, flashed a gorgeous, solitaire engagement ring as the two rang in the New Year at the white and gold-themed, Five Star New Years Eve event on Watson Island in Miami.

Phillippe, 41, said the ring marked a perfect representation of her personality, E! News has learned.

As fireworks lit up the Miami skyline, he and Slagter, 25, shared a romantic kiss at midnight at the beachfront venue to ring in 2016. Food was served all throughout the night and morning and Phillippe was seen doing shots of Dobel tequila and drinking cocktails while Slagter danced with friends.

E! News learned earlier this week that the actor proposed on Christmas Day. A source told E! News they arrived in Miami last weekend and Slagter was "cute and humble about the way she showed off the ring."

Ryan Phillippe, Paulina Slagter, New Year's Eve 2015

Talqual Films

Phillippe and Slagter, a Stanford Law School student, have been together for at least four years.

This will mark the second marriage for the actor, who was previously married to his Cruel Intentions co-star Reese Witherspoon, 39, with whom he shares a 16-year-old daughter, Ava, and 12-year-old son, Deacon. He also has a 4-year-old daughter, Kailani, with model and actress Alexis Knapp.

—Reporting by Beth Sobol