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The policies will be written through an affiliate of Hallmark's subsidiary TGA Insurance Managers Inc. called Hallmark Specialty Insurance Co., the company said in a statement. Hallmark Financial Services (NASDAQ: HALL), a nonstandard personal automobile and commercial insurer based in Fort Worth, Texas, acquired the property/casualty managing agency then known as Texas General Agency in February 2006. Hallmark President and Chief Executive Officer Mark Morrison said, "The transition of our (excess and surplus) business to our own highly rated paper, coupled with the full retention of TGA produced business beginning in 2009, allows Hallmark to fully capture the underwriting margin of business produced by TGA, our largest operating unit." Hallmark Insurance Group, including Hallmark Specialty Insurance Co., currently has a Best's Financial Strength rating of A- (Excellent). In June A.M. Best Co. affirmed the rating, citing a the group?s excellent risk-adjusted capitalization, favorable operating performance and financial flexibility afforded by Hallmark Financial. Furthermore, the ratings consider the organic surplus growth in recent years, as well as prior year significant equity contributions by Hallmark Financial to support the group?s growth initiatives. The acquisitions of various agency production sources by Hallmark Financial have resulted in a greater geographic and product spread of risk for the group (BestWire, June 5, 2008). Hallmark Financial Services led the A.M. Best's Global Insurance Composite Index (AMBG) on Dec. 17, up 12.57%. Hallmark Financial's stock was trading at $8.08 a share on the afternoon of Dec. 18, down 0.86% from the previous close. (By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com) For full details for HAF click here.
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