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FORT WORTH, Texas, May 8, 2013 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (Nasdaq:HALL) today reported first quarter 2013 net income of $1.7 million, or $0.09 per share, compared to net income of $0.2 million, or $0.01 per share reported for first quarter 2012. Total revenues were $93.1 million for the first quarter of 2013 as compared to $83.0 million for the first quarter of 2012.
Mark J. Morrison, President and Chief Executive Officer, said, "The results for the quarter continue to reflect year-over-year accident year improvement in underwriting profitability due to the actions taken over the past year, including a continuation of meaningful rate increases across most of our business units and exiting unprofitable states and product lines in our Personal Segment. Across all operations the 2013 first quarter accident year net loss ratio was 69.1% as compared to 74.9% in the first quarter of 2012."
Mr. Morrison continued, "For Hallmark, the greatest opportunity to improve underwriting margins will be through continued organic growth within our current books of business. This is reflected in the year-over-year increase in revenue that continues to be driven primarily by growth from the operating units that comprise our Specialty Commercial Segment. Achieved rate increases since the start of 2012 and improving economic conditions in our core states have resulted in growth in insured exposure units on renewal policies. We expect these trends to continue throughout 2013 as we continue to push for price increases in most of our lines of business."