A.M. Best Affirms Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries
OLDWICK, N.J.--(BUSINESS WIRE)--Aug 23, 2018--A.M. Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of the members of Hallmark Insurance Group (Hallmark Group). Additionally, A.M. Best has affirmed the Long-Term ICR of “bbb-” of the group’s holding company parent, Hallmark Financial Services, Inc. (Hallmark Financial) [NASDAQ: HALL]. Operations are headquartered in Fort Worth, TX. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies.)
The ratings reflect Hallmark Group’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Hallmark Group’s net loss reserves developed adversely in 2017 by about $38 million, with the majority of that development stemming from the commercial automobile liability line. A.M. Best expects that remedial actions taken by management, including improvement in the claims handling process, to mitigate future net reserve deficiencies.
The FSR of A- (Excellent) and the Long-Term ICRs of “a-”, each with a stable outlook, have been affirmed for the members of Hallmark Insurance Group:American Hallmark Insurance Company of Texas Hallmark Insurance Company Hallmark Specialty Insurance Company Hallmark County Mutual Insurance Company Hallmark National Insurance Company
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .
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KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY TEXAS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE INSURANCE
SOURCE: A.M. Best
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PUB: 08/23/2018 12:34 PM/DISC: 08/23/2018 12:34 PM