Specialty Insurer Hallmark Financial CEO Anand Resigns; AM Best Maintains ‘A-‘ Rating January 20, 2021
AM Best announced that it would not change the “A-” financial strength ratings of the members of Dallas-based specialty insurer Hallmark Insurance Group nor the “bbb-” long-term issue credit rating of Hallmark Financial Services, after Hallmark Financial announced its chief executive officer is resigning.
An 8-K filing with the Securities and Exchange Commission revealed that Naveen Anand submitted his resignation on Jan. 11, 2021 as president and chief executive officer, as well as all other positions with subsidiaries, effective Feb. 26, 2021, citing family and personal reasons.
On Jan. 14, Hallmark Financial’s board of directors appointed Executive Chair Mark E. Schwarz to fill the roles Anand is leaving. Schwarz, who previously served as CEO from January 2003 through August 2006, and as president from November 2003 through Ma
Hallmark Financial CEO Resigns; AM Best ‘A-‘ Rating Maintained January 19, 2021
AM Best announced that its would not change the “A-” financial strength ratings of the members of Dallas-based Hallmark Insurance Group nor the “bbb-” long-term issue credit rating of Hallmark Financial Services, after Hallmark Financial announced the CEO is resigning.
An 8-K filing with the Securities and Exchange Commission revealed that Naveen Anand submitted his resignation as president and chief executive officer on Jan. 11, 2021, as well as all other positions with subsidiaries, effective Feb. 26, 2021, citing family and personal reasons.
On Jan. 14, Hallmark Financial’s board of directors appointed Executive Chair Mark E. Schwarz to fill the roles Anand is leaving. Schwarz, who previously served as CEO from January 2003 through August 2006, and as president from November 2003 through March 2006 became executive chairman in August 2006.
Strong End to 2020 Puts DB Plan Funded Status Back to Where It Started the Year
Defined benefit plans that use an LDI strategy faced less volatility over the year, and funded status improvements were helped by gains in risk assets.
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The funded status of the nation’s largest corporate pension plans started and finished last year at the same level, as declining interest rates caused pension obligations to grow, offsetting gains from investments in equities and bonds, according to an analysis by Willis Towers Watson.
Willis Towers Watson examined pension plan data for 366 Fortune 1000 companies that sponsor U.S. defined benefit (DB) plans and have a December fiscal-year-end date. Results indicate that the aggregate pension funded status is estimated to be 87% at the end of 2020, unchanged from 87% at the end of 2019. The analysis also found the pension deficit is projected to be $233 billion at the end of 2020, slightly higher than the $230 billion deficit at the end of