Fort Worth, Texas-based Hallmark Financial Services Inc. announced it has executed a definitive agreement to acquire Pan American Acceptance Corporation.
PAAC is engaged in financing premiums on property and casualty insurance products marketed by two affiliated entities, Texas General Agency Inc. and TGA Special Risk Inc.
Hallmark has previously executed a definitive agreement to acquire TGA and TGASRI. Closing conditions include, among other things, obtaining consent to the transaction from the Texas Department of Insurance and the prior or contemporaneous closing of Hallmark’s acquisition of TGA and TGASRI. The transaction is expected to be effective as of Jan. 1, 2006.
Hallmark Financial Services engages primarily in the sale of property and casualty insurance products. The company’s business involves marketing and underwriting of non-standard personal automobile insurance primarily in Texas, Arizona and New Mexico; marketing and underwriting commercial insurance primarily in Texas, New Mexico, Idaho, Oregon, Montana and Washington; third party claims administration; and other insurance related services.
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