Contact:
Mark J. Morrison
President and Chief Executive Officer
(817) 348-1600
http://www.hallmarkgrp.com
FORT WORTH, Texas, - May 15, 2007 - Hallmark Financial Services, Inc. (Nasdaq: HALL) ("Hallmark") today announced that it has entered into a consulting services agreement with Stephen L. Way through his company, SLW International, LLC. Mr. Way has agreed to serve in an advisory capacity to the Board of Directors and executive management of Hallmark on matters concerning business development, strategic planning, mergers and acquisitions, and other matters as requested by the Board. Mr. Way is the recently retired founder, Chairman and Chief Executive Officer of HCC Insurance Holdings, Inc.
Commenting on this consulting agreement, Mark Morrison, President and Chief Executive Officer of Hallmark, stated, "Hallmark is very fortunate to secure the advisory services of Mr. Way and to benefit from his extensive insight and experience in both the domestic and international insurance industry. Mr. Way's involvement with Hallmark will be a tremendous asset for us as we continue to pursue our goal of becoming a premier property/casualty insurance group.
" Mark Schwarz, Executive Chairman of Hallmark, added, "We share Mr. Way's philosophy of the long-term growth of shareholders' equity through capital preservation, diversification of operations and conservative balance sheet management. These are the same principles by which we have been able to build Hallmark over the last five years and will continue to apply going forward."
Hallmark Financial Services, Inc. is an insurance holding company which, through its subsidiaries, engages in the sale of property and casualty insurance products to businesses and individuals. The Company's business involves marketing, distributing, underwriting and servicing commercial insurance in Texas, New Mexico, Idaho, Oregon, Montana, Louisiana, Oklahoma, Arkansas and Washington; marketing, distributing, underwriting and servicing non-standard personal automobile insurance in Texas, New Mexico, Arizona, Oklahoma, Arkansas, Idaho, Oregon and Washington; marketing, distributing, underwriting and servicing general aviation insurance in 47 states; and providing other insurance related services. The Company is headquartered in Fort Worth, Texas and its common stock is presently listed on NASDAQ under the symbol "HALL".
Forward-looking statements in this Release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, interest rate trends, the availability of financing, underwriting loss experience and other risks detailed from time to time in the Company's periodic report filings with the Securities and Exchange Commission.
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