Hallmark Financial Services, Inc. reported a net loss of $21.5 million for the third quarter of 2023, which includes a $4.8 million loss from discontinued operations. The net loss from continuing operations was $16.7 million, impacted by $13.6 million in catastrophe-related activity, primarily from the Maui wildfire. The net combined ratio was 150.1%, and the underlying combined ratio was 103.6%.
Net loss from continuing operations was $16.7 million, or $9.16 per share, including $13.6 million from current accident year CAT related activity.
Net loss from discontinued operations was $4.8 million, or $2.67 per share.
Net combined ratio was 150.1%, compared to 177.1% in the same period last year.
Underlying combined ratio was 103.6%, compared to 115.5% for the same period the prior year.
Hallmark Financial Services has been actively working to improve profitability and reduce volatility. Actions include targeting rate increases, exiting unprofitable property classes, and shifting marketing tactics.
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