{"id":416154,"date":"2021-01-18T19:34:18","date_gmt":"2021-01-19T00:34:18","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=416154"},"modified":"2021-01-18T19:34:18","modified_gmt":"2021-01-19T00:34:18","slug":"am-best-comments-on-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-following-leadership-change-announcement","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-comments-on-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-following-leadership-change-announcement\/","title":{"rendered":"AM Best Comments on Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Following Leadership Change Announcement"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>AM Best Comments on Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Following Leadership Change Announcement<\/b><\/p>\n<p>OLDWICK, N.J.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<b>AM Best <\/b>has commented that the Long-Term Issuer Credit Rating (Long-Term ICR) of \u201cbbb-\u201d and the Long-Term Issue Credit Ratings (Long-Term IR) of Hallmark Financial Services, Inc. (Hallmark Financial) [NASDAQ: HALL] are unchanged by the recent announcement regarding the resignation of Naveen Anand as president and CEO and the appointment of current executive chairman, Mark E. Schwarz, to the additional positions of president and CEO, effective Feb. 27, 2021. Concurrently, the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term ICRs of \u201ca-\u201d of the members of Hallmark Insurance Group (Hallmark Group) also remain unchanged. The outlook of these Credit Ratings (ratings) remains negative. Operations are headquartered in Dallas, TX. (See below for a detailed listing of the companies and ratings).\n<\/p>\n<p>\nAM Best acknowledges Schwarz\u2019s extensive industry experience and track record in the insurance industry, having previously served as CEO of Hallmark Financial from January 2003 until August 2006, and as president from November 2003 through March 2006. AM Best does not foresee any immediate rating actions as a result of this change and will continue to closely monitor the financial results of Hallmark Financial, as the day-to-day management of the company begins to transition.\n<\/p>\n<p>\nThe FSR of A- (Excellent) and the Long-Term ICRs of \u201ca-\u201d remain unchanged for the following members of Hallmark Insurance Group:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAmerican Hallmark Insurance Company of Texas\n<\/li>\n<li>\nHallmark Insurance Company\n<\/li>\n<li>\nHallmark Specialty Insurance Company\n<\/li>\n<li>\nHallmark County Mutual Insurance Company\n<\/li>\n<li>\nHallmark National Insurance Company\n<\/li>\n<\/ul>\n<p><b>This press release relates to Credit Ratings that have been published on AM Best\u2019s 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 AM Best\u2019s <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fratings.ambest.com%2Fratingeventdisclosures.aspx&amp;esheet=52363220&amp;newsitemid=20210118005327&amp;lan=en-US&amp;anchor=Recent+Rating+Activity&amp;index=1&amp;md5=99826a752a3b07479c55e38ec51a01d5\">Recent Rating Activity<\/a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww3.ambest.com%2Fambv%2Fratingmethodology%2FOpenPDF.aspx%3Fri%3D1320&amp;esheet=52363220&amp;newsitemid=20210118005327&amp;lan=en-US&amp;anchor=Guide+to+Best%26%238217%3Bs+Credit+Ratings&amp;index=2&amp;md5=a01e21c8d57e993ea84fde28d0c11805\">Guide to Best\u2019s Credit Ratings<\/a>. For information on the proper media use of Best\u2019s Credit Ratings and AM Best press releases, please view <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ambest.com%2Fabout%2FMediaGuide-BestsCreditRatingsProperUse.pdf&amp;esheet=52363220&amp;newsitemid=20210118005327&amp;lan=en-US&amp;anchor=Guide+for+Media+-+Proper+Use+of+Best%26%238217%3Bs+Credit+Ratings+and+AM+Best+Rating+Action+Press+Releases&amp;index=3&amp;md5=4dc8426a52a2754cad4fa2b1a0e0757b\">Guide for Media &#8211; Proper Use of Best\u2019s Credit Ratings and AM Best Rating Action Press Releases<\/a>.<\/b><\/p>\n<p><b>AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ambest.com%2F&amp;esheet=52363220&amp;newsitemid=20210118005327&amp;lan=en-US&amp;anchor=www.ambest.com&amp;index=4&amp;md5=4a3b1c9fbf65f01c0de812c9961d721e\">www.ambest.com<\/a>.<\/b><\/p>\n<p class=\"bwalignc\"><b>Copyright \u00a9 2021 by A.M. Best Rating Services, Inc. and\/or its affiliates. ALL RIGHTS RESERVED.<\/b><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210118005327r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210118005327\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210118005327\/en\/<\/a><\/span><\/p>\n<p><b>Daniel Mangano<br \/>\n<\/b><br \/><b>Senior Financial Analyst<br \/>\n<\/b><br \/><b>+1 908 439 2200, ext. 5547<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:daniel.mangano@ambest.com\">daniel.mangano@ambest.com<\/a><\/p>\n<p><b>Jacqalene Lentz, CPA<br \/>\n<\/b><br \/><b>Director<br \/>\n<\/b><br \/><b>+1 908 439 2200, ext. 5762<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:jacqalene.lentz@ambest.com\">jacqalene.lentz@ambest.com<\/a><\/p>\n<p><b>Christopher Sharkey<br \/>\n<\/b><br \/><b>Manager, Public Relations<br \/>\n<\/b><br \/><b>+1 908 439 2200, ext. 5159<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:christopher.sharkey@ambest.com\">christopher.sharkey@ambest.com<\/a><\/p>\n<p><b>Jim Peavy<br \/>\n<\/b><br \/><b>Director, Public Relations<br \/>\n<\/b><br \/><b>+1 908 439 2200, ext. 5644<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:james.peavy@ambest.com\">james.peavy@ambest.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> New Jersey Europe United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Banking Professional Services Insurance Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210118005327\/en\/828829\/3\/AM_Best_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>AM Best Comments on Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Following Leadership Change Announcement OLDWICK, N.J.&#8211;(BUSINESS WIRE)&#8211;AM Best has commented that the Long-Term Issuer Credit Rating (Long-Term ICR) of \u201cbbb-\u201d and the Long-Term Issue Credit Ratings (Long-Term IR) of Hallmark Financial Services, Inc. (Hallmark Financial) [NASDAQ: HALL] are unchanged by the recent announcement regarding the resignation of Naveen Anand as president and CEO and the appointment of current executive chairman, Mark E. Schwarz, to the additional positions of president and CEO, effective Feb. 27, 2021. Concurrently, the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term ICRs of \u201ca-\u201d of the members of Hallmark Insurance Group (Hallmark Group) also remain unchanged. The outlook of these &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-comments-on-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-following-leadership-change-announcement\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AM Best Comments on Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Following Leadership Change Announcement&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-416154","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AM Best Comments on Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Following Leadership Change Announcement - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-comments-on-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-following-leadership-change-announcement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AM Best Comments on Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Following Leadership Change Announcement - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"AM Best Comments on Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Following Leadership Change Announcement OLDWICK, N.J.&#8211;(BUSINESS WIRE)&#8211;AM Best has commented that the Long-Term Issuer Credit Rating (Long-Term ICR) of \u201cbbb-\u201d and the Long-Term Issue Credit Ratings (Long-Term IR) of Hallmark Financial Services, Inc. (Hallmark Financial) [NASDAQ: HALL] are unchanged by the recent announcement regarding the resignation of Naveen Anand as president and CEO and the appointment of current executive chairman, Mark E. Schwarz, to the additional positions of president and CEO, effective Feb. 27, 2021. Concurrently, the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term ICRs of \u201ca-\u201d of the members of Hallmark Insurance Group (Hallmark Group) also remain unchanged. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-comments-on-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-following-leadership-change-announcement\/","og_locale":"en_US","og_type":"article","og_title":"AM Best Comments on Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Following Leadership Change Announcement - Market Newsdesk","og_description":"AM Best Comments on Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Following Leadership Change Announcement OLDWICK, N.J.&#8211;(BUSINESS WIRE)&#8211;AM Best has commented that the Long-Term Issuer Credit Rating (Long-Term ICR) of \u201cbbb-\u201d and the Long-Term Issue Credit Ratings (Long-Term IR) of Hallmark Financial Services, Inc. (Hallmark Financial) [NASDAQ: HALL] are unchanged by the recent announcement regarding the resignation of Naveen Anand as president and CEO and the appointment of current executive chairman, Mark E. Schwarz, to the additional positions of president and CEO, effective Feb. 27, 2021. Concurrently, the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term ICRs of \u201ca-\u201d of the members of Hallmark Insurance Group (Hallmark Group) also remain unchanged. The outlook of these &hellip; Continue reading \"AM Best Comments on Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Following Leadership Change Announcement\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-comments-on-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-following-leadership-change-announcement\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-19T00:34:18+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210118005327r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-comments-on-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-following-leadership-change-announcement\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-comments-on-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-following-leadership-change-announcement\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"AM Best Comments on Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Following Leadership Change Announcement","datePublished":"2021-01-19T00:34:18+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-comments-on-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-following-leadership-change-announcement\/"},"wordCount":524,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-comments-on-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-following-leadership-change-announcement\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210118005327r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-comments-on-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-following-leadership-change-announcement\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-comments-on-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-following-leadership-change-announcement\/","name":"AM Best Comments on Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Following Leadership Change Announcement - 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