Hallmark Financial Services, Inc. Announces Third Quarter 2010 Results
FORT WORTH, Texas, Nov. 10, 2010 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (Nasdaq:HALL) ("Hallmark") today reported third quarter 2010 net earnings of $1.0 million compared to $4.2 million reported for the third quarter of 2009. Year to date, Hallmark reported net earnings of $6.9 million, compared to $15.3 million reported for the same period the prior year. On a fully diluted basis, third quarter 2010 net earnings were $0.05 per share as compared to $0.20 per share for the third quarter of 2009. Year to date, Hallmark reported net earnings of $0.34 per diluted share, compared to $0.73 reported for the same period the prior year. Total revenues were $76.2 million for the third quarter 2010, up 6% from the $71.9 million reported for the third quarter of 2009. Year to date, total revenues were $227.7 million, up 7% from the $213.6 million reported for the same period the prior year.
Mark J. Morrison, President and Chief Executive Officer, said, "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 additional development in our Standard Commercial segment on the large property losses from two hailstorms in Montana. Second, even as our Specialty Commercial segment underwriters work hard to maintain underwriting and rate discipline in an ongoing soft market, we experienced increased volatility in our general liability, commercial automobile and aircraft hull lines of business. 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. These factors resulted in a 102.3% combined ratio for the quarter."
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