June 21, 2024

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Dallas insurance company to market non-controlling stake in its specialty industrial enterprise through IPO

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Dallas-primarily based property and casualty insurance provider Hallmark Financial Expert services Inc. plans to promote a non-controlling stake in its specialty industrial company through a different publicly traded firm.

Hallmark Fiscal claimed Tuesday that it will pursue an preliminary general public presenting for about 50% possession in the enterprise to be named Hallmark Specialty Team Inc. The selection of shares to be marketed and pricing have not been decided yet.

Hallmark Economical, which is concentrating on the third quarter of 2021 for the IPO, said it intends to keep at minimum a majority of combined voting electricity in the new company’s shares.

“Our specialty professional small business has developed appreciably above the previous 15 many years,” mentioned a statement from Mark Schwarz, Hallmark Financial’s executive chairman, president and CEO. “We have concluded that this transaction will permit Hallmark Money and Hallmark Specialty Team to target on their respective corporations and exceptional opportunities for extensive-phrase growth and profitability.”

Hallmark Specialty Team will not involve business made by the company’s aerospace device or by its major automobile organization and 3rd-celebration system supervisors.

Hallmark Economical sells, underwrites and solutions a diverse insurance solutions portfolio by way of 6 subsidiaries and trades on Nasdaq beneath the Corridor ticker. The company wrote gross rates totaling $743 million in 2020.

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