Brief: Hallmark Financial Announces Exit From Binding Primary Commercial Auto Business Reports Loss Development For Prior Underwriting Years

Hallmark Financial Services

02/03/2020 14:05

March 2 (Reuters) - Hallmark Financial Services Inc
 HALL.O :
    * HALLMARK FINANCIAL ANNOUNCES EXIT FROM BINDING PRIMARY
COMMERCIAL AUTO BUSINESS; REPORTS LOSS DEVELOPMENT FOR PRIOR
UNDERWRITING YEARS
    * HALLMARK FINANCIAL SERVICES - ANNOUNCED LAST MONTH TO
BROKERS,
AGENTS CO HAD MADE STRATEGIC DECISION TO EXIT BINDING PRIMARY
AUTO BUSINESS
    * HALLMARK FINANCIAL SERVICES INC - COMPANY HAS CONTINUED TO
EXPERIENCE INCREASING CLAIM SEVERITY FROM PRIOR ACCIDENT YEARS
    * HALLMARK FINANCIAL SERVICES - DECIDED ITS IN-FORCE
POLICIES WILL
BE PLACED INTO RUN-OFF, NON-RENEWED IN ACCORDANCE WITH
APPLICABLE STATE REQUIREMENTS
    * HALLMARK FINANCIAL SERVICES - ANNUAL INSURANCE STATUTORY
REPORTS
WILL INCLUDE PRE-TAX ADVERSE PRIOR YEAR LOSS DEVELOPMENT OF
$63.8 MILLION FOR 2019

Source text for Eikon:  ID:nGNXFk1ZY 
Further company coverage:  HALL.O 

 ((Reuters.Briefs@thomsonreuters.com;))