Hallmark Announces Final Arbitration Award
05 Junho 2023 - 5:05PM
Hallmark Financial Services, Inc. (“Hallmark”) (NASDAQ: HALL)
received the final determination in an arbitration proceeding
relating to a Loss Portfolio Transfer Reinsurance Contract with
DARAG Bermuda Ltd. and DARAG Insurance Limited and certain of
Hallmark’s subsidiaries. On June 2, 2023, a final definitive
binding award was declared by the arbitration panel which will
result in a write-off to Hallmark of $4.0 million during the second
quarter of 2023 in addition to a write-off of $32.9 million
recognized during the first quarter of 2023 as a result of the
interim binding arbitration award, yielding a total aggregate
write-off of $36.9 million. Hallmark had previously included this
$4.0 million amount as an account receivable in its consolidated
balance sheet as of March 31, 2023 and had estimated a write-off in
the range of $25 to $35 million.
About Hallmark
Hallmark is a property and casualty insurance
holding company with a diversified portfolio of insurance products
written on a national platform. With 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."
Forward-looking statements in this release are
made pursuant to the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that actual results may differ materially from such forward-looking
statements. Forward-looking statements involve risks and
uncertainties including, but not limited to, continued acceptance
of the Company’s products and services in the marketplace,
competitive factors, interest rate trends, general economic
conditions, the availability of financing, underwriting loss
experience and other risks detailed from time to time in the
Company’s filings with the Securities and Exchange Commission.
For further information, please contact:
Chris KenneyChief Executive Officer
817.348.1600www.hallmarkgrp.com
A photo accompanying this release is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/4fb87372-b7a9-47e0-969b-94291b3c6287
Hallmark Financial Servi... (NASDAQ:HALL)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Hallmark Financial Servi... (NASDAQ:HALL)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024