Hallmark Financial Services, a Texas-based insurance holding company, has completed its acquisition of Ohio domiciled insurance firm State Auto National Insurance.
State Auto National writes approximately $37m in non-standard personal automobile policies through independent agents in 21 states.
Hallmark funded the $14m required to close the acquisition from available working capital.
Hallmark Financial Services president and CEO Mark Morrison said this acquisition provides a clean statutory entity for the continued expansion of personal lines products into new states through an existing independent agency network.
"We look forward to renewing and increasing the existing book of non-standard personal automobile business written by State Auto National Insurance Company," Morrison said.
Hallmark Financial Services, through its subsidiaries, engages in the sale of property/casualty insurance products to businesses and individuals. Its business involves marketing, distributing, underwriting and servicing commercial insurance, personal insurance and general aviation insurance, as well as providing other insurance related services.