This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hallmark Financial Services, Inc. Acquires Texas Builders Insurance Company

FORT WORTH, Texas, March 28, 2011 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (Nasdaq:HALL) announced today that its subsidiary, American Hallmark Insurance Company of Texas, has executed a purchase agreement to acquire all of the outstanding capital stock of TBIC Holding Corporation, including its wholly owned subsidiaries Texas Builders Insurance Company and TBIC Risk Management, Inc. (collectively referred to as "TBIC") for an estimated initial base purchase price of $1.7 million, net of approximately $0.4 million holdback payable four calendar quarters following closing, and up to $3.0 million contingent consideration payable four years after closing. The transaction will be funded from existing working capital.

Hallmark Logo (EPR)

TBIC is an Austin, Texas based insurance company writing small and middle market workers compensation business within the State of Texas. Formed in 1987, TBIC organized as a stock property casualty insurance company providing workers' compensation insurance to segments of the highway construction industry that could not obtain coverage in the standard market. In 1996, TBIC expanded its business plan and began to provide workers' compensation insurance to a broad range of risks competing with standard companies. Today TBIC writes annual premiums of approximately $5.0 million of low hazard business produced through independent agents throughout the state.

Mark J. Morrison, Chief Executive Officer and President of Hallmark, said, "We are pleased to add TBIC as an extension of our standard commercial segment product line offering. Hallmark has spent the past several years actively looking for the right vehicle to enter the workers' compensation market. TBIC brings a veteran management team that has a proven underwriting track record. We are confident the addition of this product line to our standard commercial business segment will produce synergies enhancing the competitiveness of both businesses. Over time, we expect to expand this product line into our other existing standard commercial lines markets outside of Texas."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs