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Sep 30, 2022
Hallmark Financial Q3 2022 Earnings Report
Hallmark Financial reported a net loss for the third quarter of 2022, impacted by unfavorable prior year loss reserve development and catastrophe losses.
Key Takeaways
Hallmark Financial Services, Inc. reported a net loss of $28.2 million, or $1.55 per share, for the third quarter of 2022, compared to a net income of $3.4 million, or $0.19 per share, for the same period in 2021. The results were affected by a $12.4 million after-tax impact from the previously exited contract binding business and a net combined ratio of 177.1%.
Completed the sale of substantially all of its excess and surplus lines operations on October 7, 2022, for $40.0 million cash consideration, plus an estimated $19.2 million consideration for the acquisition costs associated with certain net unearned premium reserves.
Reported a net loss from continuing operations of $29.3 million, or $1.61 per share, compared to a net loss of $2.0 million, or $0.11 per share, for the same period of 2021.
Net income from discontinued operations was $1.1 million, or $0.06 per share, compared to $5.5 million, or $0.30 per share, for the same period of 2021.
The net combined ratio was 177.1%, compared to 105.5% for the same period the prior year.
Historical Earnings Impact
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