For further information, please contact:
Timothy A. Bienek
President and COO
(972) 404-1637
www.hallmarkgrp.com
DALLAS, Texas -- April 18, 2003 -- Hallmark Financial Services, Inc.
(Amex: HAF.EC), announced today that A.M. Best has upgraded the financial strength
ratings of its two insurance subsidiaries. American Hallmark Insurance Company
of Texas was upgraded from "C+" to "B-" and Phoenix Indemnity
Insurance Company was upgraded from "D" to "B-".
Hallmark Financial Services, Inc. engages primarily in sale of property and
casualty insurance products. The Company's business involves marketing, underwriting
and premium financing of non-standard personal automobile insurance primarily
in Texas, Arizona and New Mexico, marketing of commercial insurance in Texas,
New Mexico, Idaho, Oregon and Washington, third party claims administration,
and other insurance related services. The Company is headquartered in Dallas,
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:
Timothy A. Bienek, President and COO at (972) 404-1637
www.hallmarkgrp.com
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