Hallmark Financial Announces Decision to Discontinue Pursuit of IPO to Separate Specialty Commercial Business
23 Dezembro 2021 - 12:40PM
Hallmark Financial Services, Inc. (the “Company” or “Hallmark”), a
property and casualty insurance company comprised of three business
segments (Specialty Commercial, Standard Commercial, and Personal),
today 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, including the successful completion of a loss portfolio
transfer transaction, improved underlying operating results
(including pre-tax income of $14.6 million and 6% growth in book
value per share for the nine months ended September 30, 2021), 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.
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 Mark Schwarz, Hallmark’s
Executive Chairman, President and Chief Executive Officer.
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 Dallas, Texas and its common stock is listed on
NASDAQ under the symbol “HALL”.
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
Securities and Exchange Commission. Although the Company believes
the assumptions underlying these forward-looking statements are
reasonable as of the date of this press release, any of the
assumptions could be inaccurate and, therefore, there can be no
assurance that any forward-looking statements will prove to be
correct. In light of the significant uncertainties inherent in
these forward-looking statements, the inclusion of such information
should not be regarded as a representation that the objectives and
plans of the Company will be achieved. You should not place undue
reliance on these forward‑looking statements, which only reflect
the views of the Company’s management as of the date of this press
release. The Company does not undertake to update these
forward-looking statements, except as may be required by law.
Investor Contact
Chris KenneyChief Financial Officer817.348.1600
A photo accompanying this release is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/5a72e132-5d9d-45a6-9d0a-77177ace18f6
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