Hallmark announces final arbitration award

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.
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