Reinsurance News
Hallmark Financial
Hallmark Financial Services reports $21.5mn net loss in Q3 2023
16th November 2023
Hallmark Financial Services has announced its financial results for the third quarter of 2023 reporting a net loss of $21.5 million, compared to the net loss of $28.1 million reported in the same period last year. According to the firm, the Q3 2023 net loss includes $13.6 million of current accident ... Read the full article
Hallmark anticipates Hawaii wildfires net loss exposure to be $7.5m
15th August 2023
"Due to the Maui, Hawaii wildfires on August 9, we preliminarily estimate our net loss exposure to be $7.5 million plus additional cost in the form of reinstatement premiums to restore any necessary reinsurance layers," Hallmark Financial has said amid its Q2 results. The wildfire outbreaks in Hawaii have caused mass ... Read the full article
AM Best downgrades credit ratings of Hallmark
10th May 2023
AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “ccc-” (Weak) from “bb” (Fair) and associated Long-Term Issue Ratings (Long-Term IRs) of Hallmark Financial Services, Inc. The ratings reflect Hallmark’s balance sheet strength, which AM Best has assessed as weak, as well as its ... Read the full article
Core Specialty integrates Hallmark’s E&S lines operations
9th May 2023
Core Specialty Insurance Holdings, Inc. and its subsidiaries has completed the integration of Hallmark Financial Services, Inc.’s Excess & Surplus Lines operations, with management and 170 employees of the Hallmark E&S business, based in Dallas, Atlanta and Jersey City, New Jersey, transitioning to Core Specialty. Following the deal, the Excess & ... Read the full article
Hallmark Financial halts separation of specialty commercial business
29th December 2021
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 ... Read the full article
Hallmark plans IPO of specialty commercial business segment
14th April 2021
Specialty property and casualty (P&C) insurer, Hallmark Financial Services, has announced plans to pursue an initial public offering (IPO) of a non-controlling ownership stake within its specialty commercial business segment, under the name Hallmark Specialty Group, Inc. The number of shares of Hallmark Specialty Group to be offered and the price ... Read the full article
DARAG in loss portfolio transfer deal with Hallmark Financial
20th July 2020
Legacy acquirer DARAG has entered into a loss portfolio transfer reinsurance deal with certain property and casualty (P&C) insurance subsidiaries of Hallmark Financial Services. DARAG Bermuda Ltd. and DARAG Insurance (Guernsey) Limited entered into the deal with American Hallmark Insurance Company of Texas, Hallmark Specialty Insurance Company, Hallmark Insurance Company, Hallmark ... Read the full article
Hallmark risks Nasdaq delisting following compliance notice
23rd March 2020
Specialty property and casualty insurer Hallmark Financial Services has received notice from Nasdaq that the company is no longer in compliance with listing rules. The notice comes as a result of Hallmark failing to file its Form 10-K for 2019 in a timely manner. Under Nasdaq rules, the company has 60 calendar ... Read the full article
Hallmark Financial exits Binding Primary Auto business
4th March 2020
Specialty property and casualty insurance company Hallmark Financial Services, Inc. has announced its exit from Binding Primary Auto business due to mounting claims severity from prior accident years. Despite several years of implementing proactive rate actions and policy changes, the company has decided to place its in-force policies into run-off. Additionally, Hallmark ... Read the full article
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