AM Best Assigns Indicative Issue Credit Ratings to Hallmark Financial Services, Inc.’s New Shelf Registration
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned indicative Long-Term Issue Credit Ratings of
“bbb-” to senior unsecured issues, “bb+” to subordinated issues and “bb”
to preferred stock to the recently filed shelf registration of Hallmark
Financial Services, Inc. (Hallmark Financial) (headquartered in Fort
Worth, TX) [NASDAQ:HALL]. The outlook assigned to these Credit Ratings
(ratings) is stable.
Effective May 15, 2019, Hallmark Financial filed a shelf registration
for securities at a proposed maximum aggregate offering price of $150
million. Due to potential issuance of this new debt, Hallmark
Financial’s debt-to-total capital and adjusted debt-to-tangible capital
measures remain within AM Best’s guidelines for its current rating
level. In addition, AM Best expects Hallmark Financial’s interest
coverage ratio to remain adequate for its ratings.
Hallmark Financial is a diversified property/casualty insurance group
offering commercial and personal insurance to businesses and individuals
in specialty and niche markets. The insurance subsidiaries generate
earnings and steady cash flows to the holding company, supporting its
cash position and interest coverage metrics.
This press release relates to Credit Ratings that have been published
on AM Best’s website. For all rating information relating to the release
and pertinent disclosures, including details of the office responsible
for issuing each of the individual ratings referenced in this release,
please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view Understanding
Best’s Credit Ratings. For information on the proper media
use of Best’s Credit Ratings and AM Best press releases, please view Guide
for Media – Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.
Contacts
Daniel Mangano
Financial Analyst
+1 908 439
2200, ext. 5547
daniel.mangano@ambest.com
Jacqalene Lentz, CPA
Director
+1 908 439
2200, ext. 5762
jacqalene.lentz@ambest.com
Christopher Sharkey
Manager, Public Relations
+1
908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy
Director, Public Relations
+1 908
439 2200, ext. 5644
james.peavy@ambest.com