Mark E. Schwarz
Chairman and Chief Executive Officer
817-348-1600
FORT WORTH, Texas -- March 5, 2004 -- Hallmark Financial
Services, Inc. (Amex: HAF.EC) ("the Company") today announced the
appointment of Mark J. Morrison as Executive Vice President and Chief Financial
Officer of the Company effective March 22, 2004. Mr. Morrison will be charged
with managing and executing all aspects of the financial growth of the Company.
Mr. Morrison joins the Company most recently from Associates
Insurance Group in Dallas, Texas, a subsidiary of Travelers Property Casualty,
where he served as President since January 2001. Prior to that he served as
Chief Financial Officer of Associates First Capital Corporation's insurance
operations, which included Associates Insurance Group, Northland Insurance
Group, American Equity Insurance Group and Mendota Insurance Group. Mr. Morrison
also previously held various accounting and financial management positions
in the insurance industry with Republic Insurance Group and Anthem Insurance
Services. He began his professional career in 1982 in public accounting with
Ernst & Young, LLP in Indianapolis, Indiana, where he ended his tenure
in 1991 as a Senior Manager of Assurance Services serving the insurance practice.
Mr. Morrison holds a CPA certification and a Bachelor of Science degree in
Business Accounting from Indiana University (Bloomington).
Mark E. Schwarz, Chairman and Chief Executive Officer of the
Company stated, "We are pleased to have Mark Morrison bring his 22 years
of experience in financial management, administration and strategic planning
to Hallmark Financial Services. Mark's experience includes 13 years in the
property & casualty insurance industry working in senior positions at
Associates, Republic Insurance Group and Anthem."
Mr. Morrison will be succeeding Scott K. Billings who has left
the Company to pursue other business interests.
Hallmark Financial Services, Inc. engages primarily in sale
of property and casualty insurance products. The Company's business involves
marketing and underwriting of non-standard personal automobile insurance primarily
in Texas, Arizona and New Mexico, marketing commercial insurance primarily
in Texas, New Mexico, Idaho, Oregon and Washington, third party claims administration,
and other insurance related services. The Company is headquartered in Fort
Worth, Texas and its common stock is listed on the American Stock Exchange
under the symbol "HAF.EC".
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.
For further information, please contact:
Mark E. Schwarz, Chairman and Chief Executive Officer at 817-348-1600
www.hallmarkgrp.com
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