Hallmark Financial Announces Fourth Quarter and Fiscal 2020 Results
Hallmark Financial Services reported a net loss of $6.0 million for Q4 2020, improving from a $34.0 million loss in Q4 2019. For the fiscal year, the loss was $91.7 million, significantly worse than $0.6 million in 2019. Gross premiums written decreased by 24% in Q4 and 12% for the year. However, premium rates rose by 20% in Q4. Investment income fell 48% year-over-year, with major losses attributed to COVID-19 claims and prior year reserves. Book value per share dropped to $9.42 from $14.53 year-over-year.
- Net loss improved significantly by 82% in Q4 2020 compared to Q4 2019.
- Substantial rate increases in Specialty Commercial Segment averaging 20% for Q4.
- Gross premiums written decreased 24% in Q4 2020 and 12% for the fiscal year.
- Investment income fell 48% in Q4 2020 compared to Q4 2019.
- Net loss for the fiscal year was $91.7 million, a significant deterioration from previous year.
DALLAS, March 15, 2021 (GLOBE NEWSWIRE) -- Hallmark Financial Services, Inc. (“Hallmark Financial”) (NASDAQ: HALL) today announced financial results for the fourth quarter and fiscal year ended December 31, 2020.
Fourth Quarter | Fiscal Year | ||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||
$ in millions: | |||||||||||||
Net Loss | $ | (6.0 | ) | $ | (34.0 | ) | $ | (91.7 | ) | $ | (0.6 | ) | |
Operating Loss (1) | $ | (10.0 | ) | $ | (36.5 | ) | $ | (10.7 | ) | $ | (16.9 | ) | |
$ per diluted share: | |||||||||||||
Net Loss | $ | (0.33 | ) | $ | (1.87 | ) | $ | (5.05 | ) | $ | (0.03 | ) | |
Operating Loss (1) | $ | (0.55 | ) | $ | (2.01 | ) | $ | (0.59 | ) | $ | (0.93 | ) | |
(1) See “Non-GAAP Financial Measures” below
Highlights:
- Net loss of
$6.0 million in the fourth quarter was primarily due to adverse prior year reserve development ($25.0 million pre-tax). The adverse prior year reserve development was driven by$21.8 million from our Specialty Commercial Segment which was comprised mostly of$19.0 million from our Commercial Auto business unit. - Hallmark Financial continued to achieve substantial rate increases, particularly in the Specialty Commercial Segment, with increases for this business averaging
20% for the quarter and19% for the fiscal year. - Gross premiums written decreased
24% compared to the prior year quarter ended December 31, 2019 and12% compared to prior year. Excluding premiums from the exited binding primary commercial auto business, gross premiums written would have decreased15% in the quarter and decreased2% for the year, relative to the same prior year periods. (See “Non-GAAP Financial Measures” below). - There were
$0.8 million of net catastrophe losses in the fourth quarter, or 0.6 points of the net combined ratio, and$23.1 million for the year, or 4.8 points of the net combined ratio. The fiscal year amount includes net loss and LAE reserves of$5.0 million related to novel coronavirus (“COVID-19”) pandemic claims.
Fourth Quarter and Fiscal Year 2020 Financial Review
Fourth Quarter | Fiscal Year | ||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||
($ in thousands) | |||||||||||||||||
Gross premiums written | 161,671 | 214,101 | -24 | % | 743,368 | 843,831 | -12 | % | |||||||||
Net premiums written | 87,370 | 127,533 | -31 | % | 438,973 | 496,552 | -12 | % | |||||||||
Net premiums earned | 112,709 | 118,849 | -5 | % | 481,798 | 436,877 | 10 | % | |||||||||
Investment income, net of expenses | 2,606 | 5,031 | -48 | % | 12,920 | 20,604 | -37 | % | |||||||||
Investment gains (losses), net (1) | 5,005 | 3,206 | 56 | % | (22,894 | ) | 20,618 | -211 | % | ||||||||
Net loss | (6,042 | ) | (33,966 | ) | 82 | % | (91,655 | ) | (625 | ) | -14565 | % | |||||
Operating loss (2) | (9,996 | ) | (36,499 | ) | 73 | % | (10,703 | ) | (16,913 | ) | 37 | % | |||||
Net loss per share - basic | $ | (0.33 | ) | $ | (1.87 | ) | 82 | % | $ | (5.05 | ) | $ | (0.03 | ) | -16,733 | % | |
Net loss per share - diluted | $ | (0.33 | ) | $ | (1.87 | ) | 82 | % | $ | (5.05 | ) | $ | (0.03 | ) | -16,733 | % | |
Operating loss per share - diluted (2) | $ | (0.55 | ) | $ | (2.01 | ) | 73 | % | $ | (0.59 | ) | $ | (0.93 | ) | 37 | % | |
Book value per share | $ | 9.42 | $ | 14.53 | -35 | % | $ | 9.42 | $ | 14.53 | -35 | % |
(1) For fiscal year 2020, includes
$1.7 million of other-than-temporary impairment.
(2) See “Non-GAAP Financial Measures” below
Gross Premiums Written
Hallmark Financial’s gross premiums written were
Net Premiums Written
Hallmark Financial’s net premiums written were
Net Premiums Earned
Hallmark Financial’s net premiums earned were
Investments
Net investment income was
Net investment gains were
Hallmark Financial held fixed-income securities of
Hallmark Financial held total investments of
Pre-Tax Loss
Hallmark Financial had a pre-tax loss of
Hallmark Financial had a pre-tax loss of
Loss and Loss Adjustment Expenses (“LAE”) and Net Combined Ratios
Hallmark Financial reported a net combined ratio of
Losses and LAE for the fiscal year ended December 31, 2020 increased
Hallmark Financial had a net loss ratio of
Fiscal Year | |||||||||
2020 | 2019 | ||||||||
Amount | Loss Ratio | Amount | Loss Ratio | ||||||
Net Premiums Earned | 481,798 | 436,877 | |||||||
Reported Incurred Losses and LAE | 412,851 | 85.7 | % | 362,165 | 82.9 | % | |||
Prior Year Reserve Development | (58,288 | ) | -12.1 | % | (60,900 | ) | -13.9 | % | |
Loss Portfolio Transfer Cost | (21,700 | ) | -4.5 | % | - | 0.0 | % | ||
Accident Year Loss and LAE | 332,863 | 69.1 | % | 301,265 | 69.0 | % | |||
Catastrophe Losses | (23,050 | ) | -4.8 | % | (5,289 | ) | -1.2 | % | |
Accident Year Loss and LAE ex. CATS | 309,813 | 64.3 | % | 295,976 | 67.8 | % | |||
Net Expense Ratio | 25.0 | % | 25.1 | % | |||||
Accident Year CR ex. CATS | 89.3 | % | 92.9 | % |
The expense ratio was
Goodwill & Intangibles
In connection with its normal process for evaluating impairment triggering events during the first quarter of 2020, the Company determined that a significant decline in its market capitalization below its stockholders’ equity indicated the impairment of the goodwill and indefinite-lived intangible assets included in its balance sheet. As a result, the Company took a
Net Income
Hallmark Financial reported a net loss of
On a diluted basis per share, the Company reported a net loss of
Book Value Per Share
Hallmark Financial reported book value of
Non-GAAP Financial Measures
The Company’s financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”). However, the Company also presents and discusses certain non-GAAP financial measures that it believes are useful to investors as measures of operating performance. Management may also use such non-GAAP financial measures in evaluating the effectiveness of business strategies and for planning and budgeting purposes. However, these non-GAAP financial measures should not be viewed as an alternative or substitute for the results reflected in the Company’s GAAP financial statements. In addition, the Company’s definitions of these items may not be comparable to the definitions used by other companies.
Operating loss and operating loss per share are calculated by excluding net investment gains and losses, impairment of goodwill and other intangible assets (“Impairments”) and the cost of the loss portfolio transfer transaction (“LPT”) entered into during the third quarter of 2020 from GAAP net income. The Impairments and LPT are unusual and infrequent charges for the Company. Management believes that operating earnings and operating earnings per share provide useful information to investors about the performance of and underlying trends in the Company’s core insurance operations. Net income and net income per share are the GAAP measures that are most directly comparable to operating earnings and operating earnings per share. A reconciliation of operating earnings and operating earnings per share to the most comparable GAAP financial measures is presented below.
Weighted | |||||||||||||
Income (Loss) | Less Tax | Net | Average | Diluted | |||||||||
($ in thousands) | Before Tax | Effect | After Tax | Shares Diluted | Per Share | ||||||||
Fourth Quarter 2020 | |||||||||||||
Reported GAAP measures | $ | (12,853 | ) | $ | (6,811 | ) | $ | (6,042 | ) | 18,142 | $ | (0.33 | ) |
Excluded investment (gains)/losses | $ | (5,005 | ) | $ | (1,051 | ) | $ | (3,954 | ) | 18,142 | $ | (0.22 | ) |
Operating loss | $ | (17,858 | ) | $ | (7,862 | ) | $ | (9,996 | ) | 18,142 | $ | (0.55 | ) |
Fourth Quarter 2019 | |||||||||||||
Reported GAAP measures | $ | (43,094 | ) | $ | (9,128 | ) | $ | (33,966 | ) | 18,123 | $ | (1.87 | ) |
Excluded investment (gains)/losses | $ | (3,206 | ) | $ | (673 | ) | $ | (2,533 | ) | 18,123 | $ | (0.14 | ) |
Operating loss | $ | (46,300 | ) | $ | (9,801 | ) | $ | (36,499 | ) | 18,123 | $ | (2.01 | ) |
Fiscal 2020 | |||||||||||||
Reported GAAP measures | $ | (114,162 | ) | $ | (22,507 | ) | $ | (91,655 | ) | 18,137 | $ | (5.05 | ) |
Excluded impairment of goodwill | |||||||||||||
and other intangible assets | $ | 45,996 | $ | 273 | $ | 45,723 | 18,137 | $ | 2.52 | ||||
Excluded loss portfolio transfer cost | |||||||||||||
included in Losses and LAE | $ | 21,700 | $ | 4,557 | $ | 17,143 | 18,137 | $ | 0.95 | ||||
Excluded investment (gains)/losses | $ | 22,894 | $ | 4,808 | $ | 18,086 | 18,137 | $ | 0.99 | ||||
Operating loss | $ | (23,572 | ) | $ | (12,869 | ) | $ | (10,703 | ) | 18,137 | $ | (0.59 | ) |
Fiscal 2019 | |||||||||||||
Reported GAAP measures | $ | (1,032 | ) | $ | (407 | ) | $ | (625 | ) | 18,107 | $ | (0.03 | ) |
Excluded investment (gains)/losses | $ | (20,618 | ) | $ | (4,330 | ) | $ | (16,288 | ) | 18,107 | $ | (0.90 | ) |
Operating loss | $ | (21,650 | ) | $ | (4,737 | ) | $ | (16,913 | ) | 18,107 | $ | (0.93 | ) |
Fourth Quarter | Fiscal Year | ||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||
($ in thousands) | |||||||||
Reported gross premiums written | 161,671 | 214,101 | -24 | % | 743,368 | 843,831 | -12 | % | |
Less primary binding commercial auto | 622 | 23,784 | -97 | % | 25,420 | 114,947 | -78 | % | |
Gross premiums written excluding | |||||||||
primary binding commercial auto | 161,049 | 190,317 | -15 | % | 717,948 | 728,884 | -2 | % | |
About Hallmark Financial
Hallmark Financial is a specialty property and casualty insurance holding company with a diversified portfolio of insurance products written on a national platform. With six insurance subsidiaries, Hallmark Financial markets, underwrites and services commercial and personal insurance in select markets. Hallmark Financial is headquartered in Dallas, Texas and its common stock is 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 Reform Act of 1995. Investors are cautioned that actual results may differ materially 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, general economic conditions, the availability of financing, underwriting loss experience and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission.
For further information, please contact:
David Webb
Senior Vice President, Corporate Development and Strategy
817.348.1600
www.hallmarkgrp.com
Hallmark Financial Services, Inc. and Subsidiaries | ||||||
Consolidated Balance Sheets | ||||||
($ in thousands, except par value) | Dec. 31 | Dec. 31 | ||||
ASSETS | 2020 | 2019 | ||||
Investments: | ||||||
Debt securities, available-for-sale, at fair value (amortized cost: | $ | 507,279 | $ | 574,279 | ||
Equity securities (cost: | 29,388 | 99,215 | ||||
Other investment (cost: | - | 2,169 | ||||
Total investments | 536,667 | 675,663 | ||||
Cash and cash equivalents | 102,580 | 53,336 | ||||
Restricted cash | 5,728 | 1,612 | ||||
Ceded unearned premiums | 138,926 | 164,221 | ||||
Premiums receivable | 120,332 | 148,288 | ||||
Accounts receivable | 5,967 | 4,286 | ||||
Receivable for securities | 913 | 12,581 | ||||
Reinsurance recoverable | 490,231 | 315,466 | ||||
Deferred policy acquisition costs | 17,840 | 22,994 | ||||
Goodwill | - | 44,695 | ||||
Intangible assets, net | 1,322 | 5,087 | ||||
Federal income tax recoverable | 25,642 | 8,995 | ||||
Deferred federal income taxes, net | 8,724 | 2,185 | ||||
Prepaid expenses | 2,648 | 2,603 | ||||
Other assets | 28,013 | 33,262 | ||||
Total Assets | $ | 1,485,533 | $ | 1,495,274 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Liabilities: | ||||||
Senior unsecured notes due 2029 (less unamortized debt issuance cost of | $ | 49,156 | $ | 49,058 | ||
Subordinated debt securities (less unamortized debt issuance cost of | 55,907 | 55,856 | ||||
Reserves for unpaid losses and loss adjustment expenses | 789,768 | 620,355 | ||||
Unearned premiums | 320,806 | 388,926 | ||||
Reinsurance balances payable | 46,700 | 59,274 | ||||
Pension liability | 1,859 | 1,388 | ||||
Payable for securities | - | 1,648 | ||||
Accounts payable and other accrued expenses | 50,415 | 55,487 | ||||
Total Liabilities | 1,314,611 | 1,231,992 | ||||
Commitments and contingencies | ||||||
Stockholders' equity: | ||||||
Common stock, $.18 par value, authorized 33,333,333 shares; issued 20,872,831 shares in 2020 and 2019 | 3,757 | 3,757 | ||||
Additional paid-in capital | 122,893 | 123,468 | ||||
Retained earnings | 68,915 | 160,570 | ||||
Accumulated other comprehensive income | 383 | 688 | ||||
Treasury stock (2,730,673 shares in 2020 and 2,749,738 shares in 2019), at cost | (25,026 | ) | (25,201 | ) | ||
Total Stockholders' Equity | 170,922 | 263,282 | ||||
Total Liabilities & Stockholders' Equity | $ | 1,485,533 | $ | 1,495,274 | ||
Hallmark Financial Services, Inc. and Subsidiaries | |||||||||||||
Consolidated Statements of Operations | Three Months Ended | Fiscal Year Ended | |||||||||||
($ in thousands, except per share amounts) | December 31, | December 31, | |||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||
Gross premiums written | $ | 161,671 | $ | 214,101 | $ | 743,368 | $ | 843,831 | |||||
Ceded premiums written | (74,301 | ) | (86,568 | ) | (304,395 | ) | (347,279 | ) | |||||
Net premiums written | 87,370 | 127,533 | 438,973 | 496,552 | |||||||||
Change in unearned premiums | 25,339 | (8,684 | ) | 42,825 | (59,675 | ) | |||||||
Net premiums earned | 112,709 | 118,849 | 481,798 | 436,877 | |||||||||
Investment income, net of expenses | 2,606 | 5,031 | 12,920 | 20,604 | |||||||||
Investment (losses) gains, net | 5,005 | 3,206 | (22,894 | ) | 20,618 | ||||||||
Finance charges | 1,217 | 1,717 | 5,705 | 7,026 | |||||||||
Commission and fees | 363 | 246 | 1,156 | 1,190 | |||||||||
Other income | 12 | 13 | 60 | 56 | |||||||||
Total revenues | 121,912 | 129,062 | 478,745 | 486,371 | |||||||||
Losses and loss adjustment expenses | 100,320 | 140,304 | 412,851 | 362,165 | |||||||||
Operating expenses | 32,563 | 29,704 | 126,266 | 117,360 | |||||||||
Interest expense | 1,265 | 1,531 | 5,326 | 5,410 | |||||||||
Impairment of goodwill and other intangible assets | - | - | 45,996 | - | |||||||||
Amortization of intangible assets | 617 | 617 | 2,468 | 2,468 | |||||||||
Total expenses | 134,765 | 172,156 | 592,907 | 487,403 | |||||||||
(Loss) income before tax | (12,853 | ) | (43,094 | ) | (114,162 | ) | (1,032 | ) | |||||
Income tax expense | (6,811 | ) | (9,128 | ) | (22,507 | ) | (407 | ) | |||||
Net (loss) income | $ | (6,042 | ) | $ | (33,966 | ) | $ | (91,655 | ) | $ | (625 | ) | |
Net (loss) income per share: | |||||||||||||
Basic | $ | (0.33 | ) | $ | (1.87 | ) | $ | (5.05 | ) | $ | (0.03 | ) | |
Diluted | $ | (0.33 | ) | $ | (1.87 | ) | $ | (5.05 | ) | $ | (0.03 | ) | |
Hallmark Financial Services, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||
Consolidated Segment Data | ||||||||||||||||||||||||||||||
Three Months Ended Dec. 31 | ||||||||||||||||||||||||||||||
Specialty Commercial Segment | Standard Commercial Segment | Personal Segment | Corporate | Consolidated | ||||||||||||||||||||||||||
($ in thousands, unaudited) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Gross premiums written | $ | 122,188 | $ | 169,879 | $ | 23,104 | $ | 21,719 | $ | 16,379 | $ | 22,503 | $ | - | $ | - | $ | 161,671 | $ | 214,101 | ||||||||||
Ceded premiums written | (66,602 | ) | (76,766 | ) | (7,882 | ) | (6,666 | ) | 183 | (3,136 | ) | - | - | (74,301 | ) | (86,568 | ) | |||||||||||||
Net premiums written | 55,586 | 93,113 | 15,222 | 15,053 | 16,562 | 19,367 | - | - | 87,370 | 127,533 | ||||||||||||||||||||
Change in unearned premiums | 22,167 | (10,350 | ) | 1,801 | 108 | 1,371 | 1,558 | - | - | 25,339 | (8,684 | ) | ||||||||||||||||||
Net premiums earned | 77,753 | 82,763 | 17,023 | 15,161 | 17,933 | 20,925 | - | - | 112,709 | 118,849 | ||||||||||||||||||||
Total revenues | 80,579 | 86,719 | 17,689 | 16,152 | 19,430 | 22,683 | 4,214 | 3,508 | 121,912 | 129,062 | ||||||||||||||||||||
Losses and loss adjustment expenses | 67,470 | 104,351 | 15,165 | 16,339 | 17,685 | 19,614 | - | - | 100,320 | 140,304 | ||||||||||||||||||||
Pre-tax income (loss) | (1,569 | ) | (34,532 | ) | (2,885 | ) | (4,467 | ) | (4,502 | ) | (2,847 | ) | (3,897 | ) | (1,248 | ) | (12,853 | ) | (43,094 | ) | ||||||||||
Net loss ratio (1) | 86.8 | % | 126.1 | % | 69.3 | % | 107.8 | % | 98.6 | % | 93.7 | % | 89.0 | % | 118.1 | % | ||||||||||||||
Net expense ratio (1) | 19.4 | % | 21.1 | % | 33.0 | % | 28.5 | % | 29.2 | % | 21.2 | % | 27.8 | % | 23.3 | % | ||||||||||||||
Net combined ratio (1) | 106.2 | % | 147.2 | % | 102.3 | % | 136.3 | % | 127.8 | % | 114.9 | % | 116.8 | % | 141.4 | % | ||||||||||||||
Favorable (Unfavorable) Prior Year Development | (21,847 | ) | (48,906 | ) | (1,007 | ) | (4,234 | ) | (2,175 | ) | 21 | - | - | (25,029 | ) | (53,119 | ) | |||||||||||||
(1) The net loss ratio is calculated as incurred losses and loss adjustment expenses divided by net premiums earned, each determined in accordance with GAAP. The net expense ratio is calculated as total underwriting expenses offset by agency fee income divided by net premiums earned, each determined in accordance with GAAP. The net combined ratio is calculated as the sum of the net loss ratio and the net expense ratio.
Hallmark Financial Services, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||
Consolidated Segment Data | ||||||||||||||||||||||||||||||
Fiscal Year Ended Dec. 31 | ||||||||||||||||||||||||||||||
Specialty Commercial Segment | Standard Commercial Segment | Personal Segment | Corporate | Consolidated | ||||||||||||||||||||||||||
($ in thousands, unaudited) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Gross premiums written | $ | 560,301 | $ | 651,913 | $ | 98,048 | $ | 92,645 | $ | 85,019 | $ | 99,273 | $ | - | $ | - | $ | 743,368 | $ | 843,831 | ||||||||||
Ceded premiums written | (265,128 | ) | (301,866 | ) | (29,652 | ) | (29,753 | ) | (9,615 | ) | (15,660 | ) | - | - | (304,395 | ) | (347,279 | ) | ||||||||||||
Net premiums written | 295,173 | 350,047 | 68,396 | 62,892 | 75,404 | 83,613 | - | - | 438,973 | 496,552 | ||||||||||||||||||||
Change in unearned premiums | 41,747 | (57,459 | ) | (1,842 | ) | 1,078 | 2,920 | (3,294 | ) | - | - | 42,825 | (59,675 | ) | ||||||||||||||||
Net premiums earned | 336,920 | 292,588 | 66,554 | 63,970 | 78,324 | 80,319 | - | - | 481,798 | 436,877 | ||||||||||||||||||||
Total revenues | 350,412 | 309,619 | 69,819 | 68,179 | 84,730 | 88,225 | (26,216 | ) | 20,348 | 478,745 | 486,371 | |||||||||||||||||||
Losses and loss adjustment expenses | 291,938 | 248,781 | 52,478 | 50,036 | 68,435 | 63,348 | - | - | 412,851 | 362,165 | ||||||||||||||||||||
Pre-tax income (loss) | (6,146 | ) | (1,371 | ) | (3,039 | ) | (841 | ) | (10,338 | ) | 427 | (94,639 | ) | 753 | (114,162 | ) | (1,032 | ) | ||||||||||||
Net loss ratio (1) | 86.6 | % | 85.0 | % | 78.9 | % | 78.2 | % | 87.4 | % | 78.9 | % | 85.7 | % | 82.9 | % | ||||||||||||||
Net expense ratio (1) | 19.4 | % | 21.8 | % | 31.1 | % | 30.0 | % | 27.5 | % | 22.7 | % | 25.0 | % | 25.1 | % | ||||||||||||||
Net combined ratio (1) | 106.0 | % | 106.8 | % | 110.0 | % | 108.2 | % | 114.9 | % | 101.6 | % | 110.7 | % | 108.0 | % | ||||||||||||||
Net Favorable (Unfavorable) Prior Year Development | (45,808 | ) | (60,138 | ) | (3,357 | ) | (726 | ) | (9,123 | ) | (36 | ) | (58,288 | ) | (60,900 | ) | ||||||||||||||
(1) The net loss ratio is calculated as incurred losses and loss adjustment expenses divided by net premiums earned, each determined in accordance with GAAP. The net expense ratio is calculated as total underwriting expenses offset by agency fee income divided by net premiums earned, each determined in accordance with GAAP. The net combined ratio is calculated as the sum of the net loss ratio and the net expense ratio.
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FAQ
What were Hallmark Financial's Q4 2020 earnings results?
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