Hallmark Financial Services Inc. (NASDAQ: HALL) stock declined by 19.32% in the current market trading session. Hallmark is a holding company for specialty property and liability insurance with a diverse range of products offered on a nationwide platform. Hallmark markets, underwrites and provides business and personal insurance in certain markets through six insurance companies.
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HALL stock, Financial Outcomes
Hallmark Financial Services announced its second-quarter 2021 financial results. Given below are the highlights:
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- In the second quarter of 2021, the company lost $0.5 million, or $0.03 per share, compared to $6.7 million, or $0.37 per share, in the same period of 2020.
- When contrasted with the same time the previous year, gross premiums were written for the six months ending June 30, 2021, dropped by 14%. Gross premiums written for the six months ended June 30, 2021, would have declined 8% compared to the same period the previous year if premiums from the departed bound primary commercial vehicle business were excluded.
- While contrasted with the same time of 2020, net premiums written for the six months ending June 30, 2021, dropped by 23%. Gross premiums issued for the six months ended June 30, 2021, would have declined 15% relative to the same period the previous year if premiums from the departed bound primary commercial vehicle business were excluded.
- In the second quarter of 2021, net catastrophic losses were $3.7 million, or 3.8 percent of the net combined ratio, compared to $6.6 million, or 5.2 points of the net combined ratio, in the same time the previous year.
- Net investment gains of $3.9 million in Q2 2021, included $1.1 million in unrealized gains on stock securities, relative to $2.1 million in the same period the previous year, which had $2.5 million in unrealized gains on equities and other investment securities.
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Furthermore,
As a consequence of growing claim severity and limited possibility for substantial rate increases, Hallmark took the strategic decision to depart the contract binding line of the core vehicle business in February 2020. In compliance with state regulatory requirements, the Company commenced the process of non-renewing policies and placing in-force policies in runoff at that time. The presentation of net and gross premiums written excluding the contract binding line of the core car business, according to management, provides investors with important information regarding the impact of this decision.