Hallmark Acquires Aerospace Holdings

Fort Worth, Texas-based Hallmark Financial Services Inc. has completed its previously disclosed acquisition of Aerospace Holdings LLC.

According to Hallmark, Aerospace Holdings, through Aerospace Insurance Managers Inc. and other wholly owned subsidiaries, markets and services general aviation property and casualty insurance products, with a particular emphasis on private and small commercial aircraft. Curtis Donnell, the founder and principal officer of Aerospace Holdings, has been retained to continue managing the operations of the acquired enterprise.

Hallmark funded the acquisition of Aerospace Holdings through a $12.5 million interim financing facility from Newcastle Partners L.P., an affiliate of Hallmark’s chairman and chief executive officer, Mark E. Schwarz. Hallmark presently intends to retire the bridge loan with the proceeds from a rights offering to its shareholders later this year.

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 of commercial insurance primarily in Texas, New Mexico, Idaho, Oregon, Montana and Washington; third party claims administration; and other insurance related services.

Source: Hallmark Financial Services Inc.

Topics Mergers & Acquisitions Texas Aerospace