Property and casualty insurance company Hallmark Financial Services, Inc. has announced that it is no longer actively pursuing the previously announced separation of its Specialty Commercial business segment.
As a result, the company does not intend to proceed with the previously announced initial public offering of the specialty commercial business.
Current evaluations by Hallmark’s board of directors note the significant progress achieved over the past 18 months.
Points of progress include the successful completion of a loss portfolio transfer transaction, improved underlying operating results, and A.M. Best’s recent affirmation of Hallmark’s Financial Strength Rating (FSR) of A- (Excellent).
“Hallmark and its subsidiaries are well positioned to benefit from current conditions in the insurance market, including a continuing favorable pricing environment,” said Mark Schwarz, Hallmark’s Executive Chairman, President and Chief Executive Officer.
“Exacting focus on underwriting discipline and the long-term growth and profitability of each of our business segments represents the greatest opportunity to enhance and realize the significant inherent value in each of them.”
