Fort Worth, Texas-based Hallmark Financial Services Inc. says it has completed the previously disclosed acquisition of State Auto National Insurance Co. State Auto National is an Ohio domiciled insurance company which annually writes approximately $37 million in non-standard personal automobile policies through independent agents in 21 states.
Hallmark funded the $14 million required to close the acquisition from available working capital.
Mark J. Morrison, Hallmark president and chief executive officer, said the “acquisition provides a clean statutory entity for the continued expansion of our Personal Lines products into new states through an existing independent agency network. We look forward to renewing and increasing the existing book of non-standard personal automobile business written by State Auto National Insurance Company.”
Hallmark Financial Services is an insurance holding company which, through its subsidiaries, engages in the sale of property/casualty insurance products to businesses and individuals. Hallmark’s business includes commercial insurance, personal insurance and general aviation insurance, as well as providing other insurance related services.
Source: Hallmark Financial Services Inc.
Topics Mergers & Acquisitions Auto
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