{"id":479151,"date":"2021-04-20T16:26:10","date_gmt":"2021-04-20T20:26:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-places-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-under-review-with-developing-implications\/"},"modified":"2021-04-20T16:26:10","modified_gmt":"2021-04-20T20:26:10","slug":"am-best-places-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-under-review-with-developing-implications","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-places-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-under-review-with-developing-implications\/","title":{"rendered":"AM Best Places Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Under Review With Developing Implications"},"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 Places Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Under Review With Developing Implications<\/b><\/p>\n<p>OLDWICK, N.J.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<b>AM Best <\/b>has placed under review with developing implications the Long-Term Issuer Credit Rating (Long-Term ICR) of \u201cbbb-\u201d and the Long-Term Issue Credit Rating (Long-Term IR) of Hallmark Financial Services, Inc. (Hallmark Financial) [NASDAQ:HALL]. Concurrently, AM Best has placed under review with developing implications 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). The companies\u2019 operations are headquartered in Dallas, TX. (See below for a detailed listing of the companies and Credit Ratings [ratings].)\n<\/p>\n<p>\nThese ratings have been placed under review with developing implications following the announcement by Hallmark Financial that it intends to pursue an initial public offering (IPO) of its specialty commercial business. Hallmark Financial plans to offer a non-controlling ownership stake in the core business of its specialty commercial business segment, as a separate company named Hallmark Specialty Group, Inc. (Hallmark Specialty). The number of shares and price range for Hallmark Specialty has yet to be determined; however, the offered shares are expected to represent an economic ownership stake of approximately 50% as Hallmark Financial intends to retain a majority of the combined vote power of Hallmark Specialty. The IPO process is expected to be completed during the third quarter of 2021.\n<\/p>\n<p>\nThe under review status reflects the uncertainty surrounding the amount and utilization of capital that will be generated from the IPO process. In addition, the IPO is dependent upon a number of factors and uncertainties heightening execution risk inherent with this transaction. Should the IPO be unsuccessful in raising sufficient funds, Hallmark Group\u2019s risk-adjusted capital may fall below AM Best\u2019s expectations. However, the benefits of the proposed transaction would allow Hallmark Financial and Hallmark Specialty to focus on respective seasoned books of business and profitability to achieve strategic priorities. The ratings will remain under review until AM Best has assessed the ultimate organizational structure of the group and its risk-adjusted capital position, following completion of the IPO.\n<\/p>\n<p>\nThe FSR of A- (Excellent) and the Long-Term ICRs of \u201ca-\u201d have been placed under review with developing implications 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>\nThe following Long-Term IR has been placed under review with developing implications:\n<\/p>\n<p>\nHallmark Financial Services, Inc.\u2014\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\n\u201cbbb-\u201d on $50 million 6.25% senior unsecured notes, due 2029\n<\/li>\n<\/ul>\n<p>\nThe following indicative Long-Term IRs for securities available under the shelf registration have been placed under review with developing implications:\n<\/p>\n<p>\nHallmark Financial Services, Inc.\u2014\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\n\u201cbbb-\u201d on senior unsecured debt\n<\/li>\n<li>\n\u201cbb+\u201d on subordinated debt\n<\/li>\n<li>\n\u201cbb\u201d on preferred stock\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=52415272&amp;newsitemid=20210420006158&amp;lan=en-US&amp;anchor=Recent+Rating+Activity&amp;index=1&amp;md5=7aa7d08864c985b651bb539381110caa\">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%3D1368&amp;esheet=52415272&amp;newsitemid=20210420006158&amp;lan=en-US&amp;anchor=Guide+to+Best%26%238217%3Bs+Credit+Ratings&amp;index=2&amp;md5=8471ff1b77886a517d27e111cf7e6d6b\">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=52415272&amp;newsitemid=20210420006158&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=2eec16a50f7fcb14deea74616bb8653a\">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 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=52415272&amp;newsitemid=20210420006158&amp;lan=en-US&amp;anchor=www.ambest.com&amp;index=4&amp;md5=a943bc03214a7c6289ee28b513fe97d3\">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=20210420006158r1&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\/20210420006158\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210420006158\/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, Communications<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> Europe United States North America New Jersey<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Insurance Professional Services<\/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\/20210420006158\/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 Places Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Under Review With Developing Implications OLDWICK, N.J.&#8211;(BUSINESS WIRE)&#8211;AM Best has placed under review with developing implications the Long-Term Issuer Credit Rating (Long-Term ICR) of \u201cbbb-\u201d and the Long-Term Issue Credit Rating (Long-Term IR) of Hallmark Financial Services, Inc. (Hallmark Financial) [NASDAQ:HALL]. Concurrently, AM Best has placed under review with developing implications 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). The companies\u2019 operations are headquartered in Dallas, TX. (See below for a detailed listing of the companies and Credit Ratings [ratings].) These ratings have been placed under review with developing implications following the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-places-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-under-review-with-developing-implications\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AM Best Places Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Under Review With Developing Implications&#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-479151","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AM Best Places Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Under Review With Developing Implications - 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-places-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-under-review-with-developing-implications\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AM Best Places Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Under Review With Developing Implications - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"AM Best Places Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Under Review With Developing Implications OLDWICK, N.J.&#8211;(BUSINESS WIRE)&#8211;AM Best has placed under review with developing implications the Long-Term Issuer Credit Rating (Long-Term ICR) of \u201cbbb-\u201d and the Long-Term Issue Credit Rating (Long-Term IR) of Hallmark Financial Services, Inc. (Hallmark Financial) [NASDAQ:HALL]. Concurrently, AM Best has placed under review with developing implications 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). The companies\u2019 operations are headquartered in Dallas, TX. (See below for a detailed listing of the companies and Credit Ratings [ratings].) 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(Hallmark Financial) [NASDAQ:HALL]. Concurrently, AM Best has placed under review with developing implications 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). The companies\u2019 operations are headquartered in Dallas, TX. (See below for a detailed listing of the companies and Credit Ratings [ratings].) These ratings have been placed under review with developing implications following the &hellip; Continue reading \"AM Best Places Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Under Review With Developing Implications\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-places-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-under-review-with-developing-implications\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-20T20:26:10+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210420006158r1&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":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-places-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-under-review-with-developing-implications\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-places-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-under-review-with-developing-implications\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"AM Best Places Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Under Review With Developing Implications","datePublished":"2021-04-20T20:26:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-places-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-under-review-with-developing-implications\/"},"wordCount":721,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-places-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-under-review-with-developing-implications\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210420006158r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-places-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-under-review-with-developing-implications\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/am-best-places-credit-ratings-of-hallmark-financial-services-inc-and-its-subsidiaries-under-review-with-developing-implications\/","name":"AM Best Places Credit Ratings of Hallmark Financial Services, Inc. and Its Subsidiaries Under Review With Developing Implications - 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