Hallmark Financial Services has announced its expected impact from hurricane Harvey, stating it will retain a loss of $3 million, with the rest to be paid for by reinsurers under its corporate catastrophe reinsurance programme which covers most of the firm’s exposed lines of business.
The firm said it would be liable for a proportionate share of reinstatement premium, to the extent that it penetrates the catastrophe reinsurance programme.
Naveen Anand, President and Chief Executive Officer of Hallmark Financial Services, said in a statement; “Our claims teams are on the ground and our claims centers in Plano, Fort Worth and San Antonio, TX are fully operational and working around the clock to support our insureds.
“Our strong balance sheet, capital and reinsurance protection, position our company well to deal with this type of event.”
The firm’s general aviation business is not protected by the corporate catastrophe reinsurance programme, but it’s covered with its own quota share agreement that covers 80% of all aviation losses.
