Insurer Hallmark Financial Explores Splitting Off Its Specialty Commercial Lines Business
Currently the company is comprised of three business segments specialty commercial, standard commercial and personal.
The specialty commercial segment represented 75 percent of the company’s gross premium written ( 68 percent of net premium written), through the first nine months of 2020. The segment’s diversified portfolio of products is placed almost exclusively through wholesale brokers, with the vast majority written on an excess and surplus lines basis.
An initial evaluation of the potential separate by Hallmark Financial’s board of directors indicates that the action could unlock significant value by segregating the operational structures of its segments.
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.