Hallmark Financial Services, Inc. Announces Second Quarter 2010 Results
FORT WORTH, Texas, Aug. 16, 2010 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (Nasdaq:HALL) ("Hallmark") today reported second quarter 2010 net loss of $0.4 million compared to net earnings of $4.3 million reported for second quarter 2009. Year to date, Hallmark reported net earnings of $5.9 million, compared to $11.1 million reported for the same period the prior year. On a fully diluted basis, second quarter 2010 net loss was $0.02 per share as compared to net earnings of $0.20 per share for the second quarter of 2009. Year to date, Hallmark reported net earnings of $0.29 per diluted share, compared to $0.53 reported for the same period the prior year. Total revenues were $75.7 million for the second quarter 2010, up 7% from the $70.7 million reported for the second quarter of 2009. Year to date total revenues were $151.5 million, up 7% from the $141.7 million reported for the same period the prior year.
Mark J. Morrison, President and Chief Executive Officer, said, "This has been a disappointing quarter for Hallmark as we missed our targeted combined ratio due to a combination of factors affecting incurred losses in each of our three largest business units. First, we experienced large property losses from two hailstorms in Montana and an aberrant number of large property claims in our Standard Commercial business unit. Second, we set up additional reserves in our E&S Commercial business unit in response to late emerging general liability claims. Finally, we increased our expected loss ratio for the current accident year in our Personal Lines business unit as continued geographic growth and product expansion drive a higher percentage of less seasoned business in the total mix of policies in force. Despite the higher loss experience resulting in a 104.5% combined ratio for the quarter, we have maintained a profitable 99.0% combined ratio year to date."
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