Dallas-centered assets and casualty insurance company Hallmark Financial Expert services Inc. strategies to sell a non-managing stake in its specialty industrial organization through a separate publicly traded firm.
Hallmark Monetary explained Tuesday that it will pursue an initial general public featuring for about 50% ownership in the corporation to be named Hallmark Specialty Group Inc. The number of shares to be sold and pricing have not been decided but.
Hallmark Economical, which is concentrating on the third quarter of 2021 for the IPO, explained it intends to keep at the very least a the vast majority of mixed voting power in the new company’s shares.
“Our specialty industrial business enterprise has developed considerably more than the past 15 decades,” claimed a assertion from Mark Schwarz, Hallmark Financial’s government chairman, president and CEO. “We have concluded that this transaction will allow for Hallmark Monetary and Hallmark Specialty Team to concentrate on their respective corporations and distinctive options for extensive-time period development and profitability.”
Hallmark Specialty Group won’t involve business enterprise made by the company’s aerospace unit or by its primary vehicle business enterprise and third-occasion program managers.
Hallmark Monetary sells, underwrites and expert services a numerous insurance plan products portfolio through six subsidiaries and trades on Nasdaq below the Hall ticker. The enterprise wrote gross premiums totaling $743 million in 2020.
