Wednesday, December 7th, 2022

Core Specialty completes acquisition of Hallmark Monetary Companies’ E&S operations

A launch famous that the enterprise acquired from Hallmark represents that portion of Hallmark’s Specialty Industrial Section which is distributed by the wholesale insurance coverage brokerage channel, Hallmark E&S. Hallmark E&S produced $436 million of wholesale distributed extra & surplus traces enterprise within the 12-month interval ended June 30, 2022.

Hallmark beforehand revealed that it’s exploring a sale of its specialty industrial enterprise as early as January 2021.

Learn extra: Hallmark Monetary mulls separation of specialty industrial enterprise

Core Specialty clarified that it might not purchase any insurance coverage firm entities as a part of the transaction, and that the transaction excludes loss reserves related to the Hallmark E&S enterprise, which Hallmark will retain. The administration and 176 staff of the Hallmark E&S enterprise in Dallas, Atlanta, and Jersey Metropolis will transition to Core Specialty.

Along with the Hallmark E&S workforce’s acquisition, Hallmark Specialty Industrial Section president and chief underwriting officer Gerald A. Dupre, Jr. will be part of Core Specialty in a management position throughout the mixed extra & surplus traces enterprise, a launch stated.

“Core Specialty’s imaginative and prescient is to grow to be the main specialty insurer and the Hallmark E&S acquisition continues our very robust progress in our mission,” stated Core Specialty founder, president, and CEO Jeff Consolino. “Core Specialty has the capital to tackle danger, the underwriting expertise in place, a confirmed and decisive management workforce and a monitor document of constructing issues occur quick.”

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