FORT WORTH, Texas, Aug. 31, 2017 (GLOBE NEWSWIRE) -- Naveen Anand, President and Chief Executive Officer of Hallmark Financial Services, Inc. (NASDAQ: HALL), today released a statement saying, “Hurricane Harvey has been an unprecedented event resulting in devastating impact to parts of Texas and Louisiana. Our thoughts and prayers go out to all those that have been impacted by this event. Our claims teams are on the ground and our claims centers in Plano, Fort Worth and San Antonio, TX are fully operational and working around the clock to support our insureds.”
Hallmark Financial Services Inc. currently retains $3 million of losses under its corporate catastrophe reinsurance program which covers most of the Company’s exposed lines of business. To the extent that the Company penetrates the catastrophe reinsurance program, it will also be liable for a proportionate share of reinstatement premium. The Company’s general aviation line of business, which is excluded under the corporate catastrophe reinsurance program, has its own protection with a quota share agreement that covers 80% of all aviation losses. “Our strong balance sheet, capital and reinsurance protection, position our company well to deal with this type of event,” said Mr. Anand.
About Hallmark Financial Services, Inc.
Hallmark Financial Services, Inc. is a diversified specialty property/casualty insurer with offices in Dallas-Fort Worth, San Antonio, Chicago, Los Angeles, Atlanta and Jersey City. Hallmark markets, underwrites and services over half a billion dollars annually in commercial and personal insurance premiums in select markets. Hallmark is headquartered in Fort Worth, Texas and its common stock is listed on NASDAQ under the symbol "HALL."
Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors, interest rate trends, general economic conditions, the availability of financing, underwriting loss experience and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission.