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Hallmark Financial Q3 income declines

Hallmark Financial Services, an insurance holding company, has reported a net income of $1m, or $0.05 per share for the third quarter of 2010, compared to $4.2m, or $0.20 per share, for the same quarter of 2009.

The total revenues for the third quarter of 2010 were $76.2m, compared to $71.9m for the same period of 2009.

Gross premiums written for the third quarter of 2010 was $82.19m, compared to $74.01m for the same quarter of last year.

Hallmark Financial Services president and CEO Mark Morrison said, the company missed the targeted combined ratio due to a combination of factors affecting incurred losses in each of our three largest business units. First, we experienced additional development in our Standard Commercial segment on the large property losses from two hailstorms in Montana. Second, even as our Specialty Commercial segment underwriters work hard to maintain underwriting and rate discipline in an ongoing soft market, we experienced increased volatility in our general liability, commercial automobile and aircraft hull lines of business.

“Finally, we increased our expected loss ratio for the current accident year in our Personal Lines business unit as continued geographic growth and product expansion drive a higher percentage of less seasoned business in the total mix of policies in force. These factors resulted in a 102.3% combined ratio for the quarter, Morrison said.