Hallmark

HDI forms fronting partnership with Hallmark for aviation and SME insurance

HDI Global Insurance Company has announced a strategic partnership with Hallmark Financial Services to provide capacity and product development support for the US insurer’s general aviation and small to medium-sized commercial property and casualty insurance products.

Hallmark shares slump again on Nasdaq delisting plan

Troubled US insurer Hallmark Financial saw its share price close down 25 percent yesterday after it unveiled plans to voluntarily delist its common stock from the Nasdaq Global Market.

Hallmark Q3 CR improves to 150.1% including 36.9 pt cat impact

Hallmark Financial Services has reported a 150.1 percent combined ratio for the third quarter, including a 36.9 point impact from catastrophes and 9.7 points of reserve strengthening, although this was an improvement on the 177.7 percent in the same period of last year.

Hallmark’s operating loss narrows to $12.4mn in Q2 2023

Hallmark Financial Services ended Q2 2023 with an operating loss that narrowed to $12.4mn in Q2 2023 and a net combined ratio that dropped 83.6 points to 157.3 percent, while the carrier has estimated its net exposure to the Maui, Hawaii wildfire losses at $7.5mn.

Hallmark takes $36.9mn total aggregate write-off from Darag arbitration award

Hallmark Financial Services has received the final determination in an arbitration proceeding relating to a loss portfolio transfer reinsurance contract with legacy specialist Darag, which will result in a $4.0mn write off in Q2 in addition to the $32.9mn it recognised in Q1.

Hallmark Q1 operating loss narrows as carrier pulls AM Best ratings

Hallmark Financial Services narrowed its Q1 operating loss to $5.0mn during the first three months of 2023 while the beleaguered carrier has withdrawn from AM Best’s rating process having seen both its financial strength and long-term issuer credit ratings fall significantly in recent weeks.

AM Best further downgrades Hallmark to C++ following $25mn-$35mn Darag award

Hallmark Financial has been downgraded to C++ by AM Best after the rating agency said it had been unaware legacy specialist Darag was awarded a $25mn-$35mn payout in relation to a loss portfolio transfer deal with the beleaguered insurer.

Hallmark cut from A- and expects $25mn-$35mn loss from Darag LPT arbitration award

Hallmark Financial has been downgraded to B++ (Good) by AM Best, with the Dallas-based insurer lining up a partnership with an A rated carrier as a result and also revealing it is expecting a loss of $25mn to $35mn from an arbitration award in its dispute with Darag over a loss portfolio transfer (LPT).

Hallmark Q4 CR soars to 184% as PY development and cats bite

Hallmark ended 2022 with a fourth quarter combined ratio that soared 58.6 points year on year to 183.9 percent on the back of net unfavorable prior year development while the carrier’s operating loss for the period deepened significantly to $30.3mn.

Hallmark Financial promotes Kenney to CEO, replacing Schwarz

The board of Hallmark Financial Services has promoted Christopher Kenney to chief executive, with previous CEO Mark Schwarz remaining in his role as executive chairman.

Darag alleges “fraudulent inducement” in ongoing arbitration with Hallmark over LPT

Legacy specialist Darag is involved in ongoing arbitration with US specialty insurer Hallmark Financial Services over a loss portfolio transfer entered into in 2020, with a hearing on the dispute scheduled for late March, The Insurer understands.

Risksmith targets E&S property growth with Patel hire from Hallmark

Expansive MGU platform Risksmith Insurance Services has brought in Ravi Patel from Hallmark Financial Services to run its E&S property business with a remit to expand the book with talent acquisition and a broadening of appetite to include a greater primary focus, E&S Insurer can reveal.