shutterstock_198169034_ruslan-grumble
shutterstock/Ruslan Grumble
24 December 2021Insurance

Hallmark scraps plans to spin-off specialty commercial unit on back of harder rates

P&C insurance group  Hallmark Financial Services has scrapped previously announced plans to spin-off and float its specialty commercial business. It will now instead develop and grow the revitalized unit on the back of improving rates.

Management hailed "significant progress" in the division over the past 18 months, which has turned its performance around. Key developments included a loss portfolio transfer reinsurance deal, improved underlying operating results and the confirmation of its financial strength rating of A- by AM Best.

Hallmark and its subsidiaries are well positioned to benefit from current conditions in the insurance market, including a continuing favorable pricing environment," Mark Schwarz, executive chairman and CEO, said.

"Exacting focus on underwriting discipline and the long-term growth and profitability of each of our business segments represents the greatest opportunity to enhance and realize the significant inherent value in each of them,” Schwarz added.

Hallmark Financial said in April 2021 that it had completed a strategic asset review and would push a roughly 50% non-controlling stake in its specialty commercial business to an IPO.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
30 June 2021   The company is a backed by Eos Venture Partners, RPM Ventures and Greenlight Re.
Insurance
14 May 2021   The company made a profit compared to a loss in the same quarter last year.