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Sep 30, 2020
Hallmark Financial Q3 2020 Earnings Report
Hallmark Financial reported a net loss due to a charge for the loss portfolio transfer reinsurance contract, unfavorable prior year net loss reserve development, and net catastrophe losses.
Key Takeaways
Hallmark Financial Services, Inc. reported a net loss of $28.0 million for the third quarter of 2020, compared to a net income of $5.3 million for the same period in 2019. The decline was primarily driven by a $21.7 million charge for the loss portfolio transfer reinsurance contract, unfavorable prior year net loss reserve development of $13.9 million, and net catastrophe losses of $9.6 million.
Gross premiums written decreased by 12% to $196.5 million compared to the same period in 2019.
Net premiums written decreased by 9% to $116.1 million compared to the same period in 2019.
Net premiums earned increased by 6% to $119.6 million compared to the same period in 2019.
The company had a pre-tax loss of $37.3 million, compared to a pre-tax income of $6.7 million in the same period of 2019.
Forward Guidance
Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that actual results may differ materially from such forward-looking statements.
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