Hallmark Financial Announces Decision to Discontinue Pursuit of IPO to Separate Specialty Commercial Business
Current evaluations by Hallmark’s board of directors note the significant progress achieved over the past 18 months, including the successful completion of a loss portfolio transfer transaction, improved underlying operating results (including pre-tax income of
“Hallmark and its subsidiaries are well positioned to benefit from current conditions in the insurance market, including a continuing favorable pricing environment. 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,” said
The Hallmark Board will continue to evaluate all actions that may enhance shareholder returns. The results of future analysis could differ materially from the present indications for a variety of reasons including potential fluctuations in operating results, management of growth and surplus, market conditions, competition, new business opportunities and the timing of related investments.
About Hallmark
Hallmark is a property and casualty insurance company with a diversified portfolio of insurance products written on a national platform. Through its six insurance subsidiaries, Hallmark markets, underwrites and services commercial and personal insurance in select markets. Hallmark is headquartered in
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “anticipates,” “expects,” “intends,” “plans” and “believes,” among others, generally identify forward-looking statements. These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to numerous risks, uncertainties and changes in circumstances that are difficult to predict and could cause actual results to differ materially from expectations, many of which are beyond the control of the Company. Certain of these risks and uncertainties are discussed in the Company’s filings with the
Investor Contact
817.348.1600
A photo accompanying this release is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5a72e132-5d9d-45a6-9d0a-77177ace18f6
Source:
Claims In 2021 To Cost Insurance Industry $22.5 Billion
Obamacare Marketplaces Report A Record Number Of Sign-Ups
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News