Hallmark announces sale of its excess and surplus lines operations to core specialty insurance holdings, inc.

Dallas, texas, oct. 07, 2022 (globe newswire) -- hallmark financial services, inc. (the “company” or “hallmark”; nasdaq: hall), a property and casualty insurance company, today announced the sale of its excess and surplus (“e&s”) lines operations to core specialty insurance holdings, inc. (“core specialty”), a specialty property and casualty insurer, for $40.0 million cash consideration, plus an estimated $19.9 million consideration for the acquisition costs associated with certain net unearned premium reserves. the transaction is comprised of nine business units within the company'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 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 september 30, 2022.
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