March 2, 2020 / 2:58 PM / a month ago

BRIEF-Hallmark Financial Announces Exit From Binding Primary Commercial Auto Business Reports Loss Development For Prior Underwriting Years

March 2 (Reuters) - Hallmark Financial Services Inc :

* HALLMARK FINANCIAL ANNOUNCES EXIT FROM BINDING PRIMARY COMMERCIAL AUTO BUSINESS; REPORTS LOSS DEVELOPMENT FOR PRIOR UNDERWRITING YEARS

* HALLMARK FINANCIAL SERVICES - ANNOUNCED LAST MONTH TO BROKERS, AGENTS CO HAD MADE STRATEGIC DECISION TO EXIT BINDING PRIMARY AUTO BUSINESS

* HALLMARK FINANCIAL SERVICES INC - COMPANY HAS CONTINUED TO EXPERIENCE INCREASING CLAIM SEVERITY FROM PRIOR ACCIDENT YEARS

* HALLMARK FINANCIAL SERVICES - DECIDED ITS IN-FORCE POLICIES WILL BE PLACED INTO RUN-OFF, NON-RENEWED IN ACCORDANCE WITH APPLICABLE STATE REQUIREMENTS

* HALLMARK FINANCIAL SERVICES - ANNUAL INSURANCE STATUTORY REPORTS WILL INCLUDE PRE-TAX ADVERSE PRIOR YEAR LOSS DEVELOPMENT OF $63.8 MILLION FOR 2019 Source text for Eikon: Further company coverage:

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