Hallmark Financial Services Inc. (HALL) has reported a loss of $34 million in its fourth quarter.
The Fort Worth, Texas-based company said it had a loss of $1.87 per share. Losses, adjusted for investment gains, were $2.01 per share.
The property/casualty insurance company posted revenue of $129.1 million in the period. Its adjusted revenue was $124.1 million.
For the year, the company reported a loss of $625,000, or 3 cents per share, swinging to a loss in the period. Revenue was reported as $458.7 million.
In the final minutes of trading on Monday, the company’s shares hit $3.36. A year ago, they were trading at $14.03.
In March, Hallmark announced it was exiting its Binding Primary Auto business due to losses. The commercial auto product was primary coverage written through brokers, who have binding authority once the company decides to issue a quote.
In a media release, Hallmark Financial said it continued to experience increasing claim severity in the business from prior accident years, despite several years of implementing proactive rate actions and policy changes. Its in-force policies will be placed into run-off and non-renewed in accordance with applicable state requirements, the company said.
Hallmark Financial is a specialty property and casualty insurance company with a diversified portfolio of insurance products written on a national platform. With six insurance subsidiaries and offices in Dallas-Fort Worth, Atlanta, Chicago, Jersey City, and San Antonio, Hallmark Financial markets, underwrites and services over $750 million annually in commercial and personal insurance premiums in select markets.
Source: Associated Press, Hallmark Financial Services
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