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8-K - HALLMARK FINANCIAL SERVICES INC | v207151_8k.htm |
FOR
IMMEDIATE RELEASE
Hallmark
Financial Services, Inc.
Completes
Acquisition of State Auto National Insurance Company
FORT
WORTH, Texas, (January 3, 2011) - Hallmark Financial Services, Inc. (NASDAQ:
HALL) today announced the completion of its previously disclosed acquisition of
State Auto National Insurance Company. State Auto National is an Ohio
domiciled insurance company which annually writes approximately $37 million in
non-standard personal automobile policies through independent agents in 21
states. Hallmark funded the $14 million required to close the
acquisition from available working capital.
Mark J.
Morrison, President and Chief Executive Officer, said, “We are excited by the
opportunity to enhance our Personal Lines business unit through the purchase of
State Auto National Insurance Company. This acquisition provides a clean
statutory entity for the continued expansion of our Personal Lines products into
new states through an existing independent agency network. We look forward
to renewing and increasing the existing book of non-standard personal automobile
business written by State Auto National Insurance Company.”
Hallmark Financial
Services, Inc. is an insurance holding company which, through its
subsidiaries, engages in the sale of property/casualty insurance products to
businesses and individuals. Hallmark’s business involves marketing,
distributing, underwriting and servicing commercial insurance, personal
insurance and general aviation insurance, as well as providing other insurance
related services. The Company is
headquartered in Fort Worth, 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 substantially 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:
Mark J.
Morrison, President and Chief Executive Officer at 817.348.1600