NU Online News Service, Jan. 5, 2:34 p.m. EST
Hallmark Financial Services said it has completed a $14 million deal to buy State Auto Financial Corp.'s nonstandard automobile insurance business.
Hallmark, of Fort Worth, Texas, said it funded the purchase of State Auto National Insurance Company with available working capital.
Mark J. Morrison, Hallmark's president and chief executive officer, said the company looks forward to renewing and expanding the book of business bought from State Auto. In a statement he said the acquisition "provides a clean statutory entity for the continued expansion of our personal lines products into new states through an existing independent agency network."
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