Hallmark to spin out specialty business in IPO
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Hallmark to spin out specialty business in IPO

Hallmark Financial Dallas Texas logo new 2021.jpg

Hallmark Financial Services is to spin out its specialty lines subsidiary in an initial public offering that will test equity market appetite for P&C excess and surplus lines deals.

The transaction will involve around half of Hallmark Specialty Group shares being floated, although the parent – already a Nasdaq-listed insurer – will remain in control of the entity by holding onto a majority of common shares, which have...

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