Fort Worth, Texas-based Hallmark Financial Services Inc. plans to repurchase up to one million shares of the company’s common stock in its first ever stock buyback program.
Hallmark is the parent company of American Hallmark Insurance Co. of Texas, Phoenix Indemnity Insurance Company, Gulf States Insurance Company, Phoenix General Agency, Hallmark General Agency, Texas General Agency and Aerospace Insurance Managers.
The company said any current stock purchases will be funded from excess capital currently held at the holding company resulting from the issuance of $25,000,000 of trust preferred securities in August 2007.
Hallmark Executive Chairman Mark Schwarz said the stock repurchase program is part of the company’s “overall capital allocation process” and reflects confidence in Hallmark’s future.
Hallmark Financial Services’ business is geographically concentrated in the south central and northwest regions of the United States, except for its general aviation business which is written on a national basis.
Source: Hallmark Financial Services, www.hallmarkgrp.com
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