M&A Deal Summary

Core Specialty Insurance Acquires Hallmark E&S

On October 7, 2022, Core Specialty Insurance acquired insurance company Hallmark E&S from Hallmark Financial for 40M USD

Acquisition Highlights
  • This is Core Specialty Insurance’s 2nd transaction in the Insurance sector.
  • This is Core Specialty Insurance’s largest (disclosed) transaction.
  • This is Core Specialty Insurance’s 2nd transaction in the United States.
  • This is Core Specialty Insurance’s 1st transaction in Texas.

M&A Deal Summary
Date 2022-10-07
Target Hallmark E&S
Sector Insurance
Buyer(s) Core Specialty Insurance
Sellers(s) Hallmark Financial
Deal Type Divestiture
Deal Value 40M USD

Target

Hallmark E&S

Dallas, Texas, United States
Hallmark E&S provides Excess & Surplus Lines Operations that distributes through the wholesale insurance brokerage channel and are comprised of the Commercial Auto business unit which offers primary and excess commercial vehicle insurance products and services; the E&S Casualty business unit which offers primary and excess liability, excess public entity liability and E&S package and garage liability insurance products and services; the E&S Property business unit which offers primary and excess commercial property insurance for both catastrophe and non-catastrophe exposures; and the Professional Liability business unit which offers healthcare and financial lines professional liability insurance products and services primarily for businesses, medical professionals, medical facilities and senior care facilities.

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Buyer(S) 1

Buyer

Core Specialty Insurance

Cincinnati, Ohio, United States
Category Company
Sector Insurance
DESCRIPTION

Core Specialty Insurance offers a diversified range of property and casualty insurance products for small to midsized businesses. Core Specialty Insurance is based in Cincinnati, Ohio.

DEAL STATS #
Overall 2 of 3
Sector (Insurance) 2 of 2
Type (Divestiture) 1 of 1
State (Texas) 1 of 1
Country (United States) 2 of 3
Year (2022) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-16 Lancer Insurance

Long Beach, New York, United States

Lancer Insurance is a provider of premier specialty insurance solutions to businesses and commercial transportation companies across the U.S. for over 35 years, leveraging a network of over 2,000 broker relationships. Lancer specializes in auto liability, physical damage, cargo, and general liability coverages. Lancer Insurance was formed in 1985 and is based in Long Beach, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-01 American Surety

Indianapolis, Indiana, United States

American Surety is a property & casualty company licensed in all 50 states and the District of Columbia specializing in bail bonds and commercial surety bonds. American Surety was founded in 1993 and is based in Indianapolis, Indiana.

Buy -

Seller(S) 1

SELLER

Hallmark Financial

Dallas, Texas, United States
Category Company
Founded 1987
Sector Insurance
Employees257
Revenue 227M USD (2022)
DESCRIPTION

Hallmark Financial is an insurance holding company engages in the sale of property/casualty insurance products to businesses and individuals. Hallmark's business involves marketing, distributing, underwriting and servicing commercial insurance, personal insurance and general aviation insurance, as well as providing other insurance related services. Hallmark Financial was founded in 1987 and is based in Dallas, Texas.

DEAL STATS #
Overall 1 of 1
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2022) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-03 State Auto National Insurance

Ohio, United States

State Auto National Insurance Co. is a provider of insurance services.

Buy -
Mergr

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