Hallmark Financial Services, Inc. (HALL)

NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Hall of Fame Resort & Entertainment Company (“HOF” or the “Company”) (NasdaqCM: HOFV) to affiliates of Industrial Realty Group, LLC. Under the terms of the proposed transaction, shareholders of HOF will receive $0.90 in cash for each share of HOF that they own. KSF is seeking to determine whethe.

DALLAS, Dec. 26, 2023 (GLOBE NEWSWIRE) -- On December 26, 2023, Hallmark Financial Services, Inc. provided notice to the Nasdaq Stock Market LLC of its intention to voluntarily delist its shares of common stock from the Nasdaq Global Market. Trading of the Company's common stock will be suspended at the open of business on January 5, 2024. The Company intends to file a Form 25 with the SEC on or about January 5, 2024, with the delisting of its common stock taking effect no earlier than ten days thereafter. The Company's decision to voluntary delist its shares was based on the Company's failure to meet two of the requirements for continued listing on the exchange and the lack of a viable plan to remediate both such deficiencies within their established grace periods.

DALLAS, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (“Hallmark”) (NASDAQ: HALL) today filed its Form 10-Q and announced financial results for the third quarter and nine months ended September 30, 2023.

DALLAS, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (“Hallmark”) (NASDAQ: HALL) today filed its Form 10-Q and announced financial results for the second quarter and six months ended June 30, 2023.

DALLAS, June 05, 2023 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (“Hallmark”) (NASDAQ: HALL) received the final determination in an arbitration proceeding relating to a Loss Portfolio Transfer Reinsurance Contract with DARAG Bermuda Ltd. and DARAG Insurance Limited and certain of Hallmark's subsidiaries. On June 2, 2023, a final definitive binding award was declared by the arbitration panel which will result in a write-off to Hallmark of $4.0 million during the second quarter of 2023 in addition to a write-off of $32.9 million recognized during the first quarter of 2023 as a result of the interim binding arbitration award, yielding a total aggregate write-off of $36.9 million. Hallmark had previously included this $4.0 million amount as an account receivable in its consolidated balance sheet as of March 31, 2023 and had estimated a write-off in the range of $25 to $35 million.

Hallmark (HALL) Q1 results reflect a decline in the top line and higher expenses weighed on quarterly results.

Hallmark Financial (HALL) came out with a quarterly loss of $2.74 per share versus the Zacks Consensus Estimate of a loss of $4.05. This compares to loss of $1.80 per share a year ago.

OLDWICK, N.J.--(BUSINESS WIRE)-- #insurance--AM Best has withdrawn the Long-Term Issuer Credit Rating (Long-Term ICR) of “ccc-” (Weak) and associated Long-Term Issue Ratings (Long-Term IR) of Hallmark Financial Services, Inc. (Hallmark Financial) [NASDAQ: HALL]. Concurrently, AM Best has withdrawn the Financial Strength Rating (FSR) of C++ (Marginal) and the Long-Term ICRs of “b+” (Marginal) of the members of Hallmark Insurance Group. At the time of the withdrawal, all Credit Ratings (ratings) were under re.

DALLAS, May 15, 2023 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (“Hallmark”) (NASDAQ: HALL) today filed its Form 10-Q and announced financial results for the first quarter ended March 31, 2023.

OLDWICK, N.J.--(BUSINESS WIRE)-- #insurance--AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “ccc-” (Weak) from “bb” (Fair) and associated Long-Term Issue Ratings (Long-Term IRs) of Hallmark Financial Services, Inc. (Hallmark Financial) [NASDAQ: HALL]. Concurrently, AM Best has downgraded the Financial Strength Rating (FSR) to C++ (Marginal) from B++ (Good) and the Long-Term ICRs to “b+” (Marginal) from “bbb” (Good) of the members of Hallmark Insurance Group. In addition, AM Bes.

DALLAS, May 05, 2023 (GLOBE NEWSWIRE) -- AM Best announced today that it has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb” (Fair) from “bbb-” (Good) and the associated Long-Term Issue Ratings (Long-Term IRs) of Hallmark Financial Services, Inc. (Hallmark) [NASDAQ: HALL]. Concurrently, AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term ICRs to “bbb” (Good) from “a-” (Excellent) of the members of Hallmark Insurance Group. In addition, AM Best has maintained the under review with negative implications status of all Credit Ratings (ratings).

DALLAS, March 28, 2023 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (“Hallmark”) (NASDAQ: HALL) today filed its Form 10-K and announced financial results for the fourth quarter and fiscal year ended December 31, 2022.

Hallmark Financial (HALL) delivered earnings and revenue surprises of -494.74% and 52.54%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?

DALLAS, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (“Hallmark”) (NASDAQ: HALL) today filed its Form 10-Q and announced financial results for the third quarter and nine months ended September 30, 2022.

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with negative implications the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) of Hallmark Financial Services, Inc. (Hallmark Financial) [NASDAQ: HALL]. Concurrently, AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of the members of Hallmark Insurance Group. These companies’ operations are headquartered in Dallas, TX and collectively referred to as Hallmark. See below for a detailed listing of the companies and Credit Ratings (ratings). These ratings have been placed under review with negative implications following the announcement that Hallmark Financial has entered into a transaction with Core Specialty Insurance Holdings, Inc. (Core Specialty), a specialty property/casualty insurer, to sell its specialty business through a reinsurance transaction for a $40 million cash consideration, plus an estimated $19.9 million consideration for the assumption of certain net unearned premium reserves. The transaction is comprised of nine business units within Hallmark’s specialty commercial business segment, certain related assets and liabilities, and the immediate transition to Core Specialty of approximately 200 employees who produce and support these excess & surplus (E&S) lines businesses. Core Specialty’s acquisition and assumption of the E&S businesses and the related assets and liabilities will be effective as of Sept. 30, 2022. This transaction mitigates a material capital decline in 2022 related to significant adverse reserve development on an existing loss portfolio transaction (LPT), which took effect Jan. 1, 2020, for accident years prior to Dec. 31, 2019, with several DARAG subsidiaries on Hallmark’s commercial auto liability policies up to an aggregate $240 million. In that transaction, Hallmark has resumed the handling of the claims administration function effective August 2022, and is in arbitration with respect to the overall contract terms. In the event that the arbitration panel rules favorably on Hallmark’s behalf, Hallmark could potentially attach up to $40 million from a letter of credit posted by DARAQ, but the final decision is not expected until the second half of 2023. While a favorable decision with the existing transaction will help stabilize the balance sheet, AM Best notes that the LPT cover has been breached and is no longer available, which exposes Hallmark to further potential adverse reserve development from the book of business. With respect to the Core Specialty’s acquisition and assumption of Hallmark’s E&S business, AM Best acknowledges the additional influx of capital will be a net positive for policyholders. However, significant execution risk remains related to restoring profitability across Hallmark’s retained lines, particularly standard commercial insurance and personal nonstandard auto, which have had historically high net underwriting loss ratios. The ratings will remain under review until AM Best can fully assess the impacts of the aforementioned transaction, in addition to the effects of initiatives to improve operating performance and stem further material adverse reserve development. Critical to this assessment will be Hallmark’s operating results for the remainder of 2022. The FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) have been placed under review with negative implications for the members of Hallmark Insurance Group: American Hallmark Insurance Company of Texas Hallmark Insurance Company Hallmark Specialty Insurance Company Hallmark County Mutual Insurance Company Hallmark National Insurance Company The following Long-Term IR has been placed under review with negative implications: Hallmark Financial Services, Inc.— -- “bbb-” (Good) on $50 million 6.25% senior unsecured notes, due 2029 The following indicative Long-Term IRs for securities available under the shelf registration have been placed under review with negative implications: Hallmark Financial Services, Inc.— -- “bbb-” (Good) on senior unsecured debt -- “bb+” (Fair) on subordinated debt -- “bb” (Fair) on preferred stock This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com. Copyright © 2022 by A.M. 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OLDWICK, N.J.--(BUSINESS WIRE)-- #insurance--AM Best has placed under review with negative implications the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) of Hallmark Financial Services, Inc. (Hallmark Financial) [NASDAQ: HALL]. Concurrently, AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of the members of Hallmark Insurance Group