EXHIBIT 99.1



                       Hallmark Financial Services, Inc.

  American Hallmark Insurance Group    *  Hallmark General Agency
  Phoenix Indemnity Insurance Company  *  Effective Claims Management, Inc.




                            FOR IMMEDIATE RELEASE

                      HALLMARK FINANCIAL SERVICES, INC.

                      Hallmark Announces COO Resignation


 FORT WORTH, Texas, (November 18, 2003)  - Hallmark Financial Services, Inc.,
 ("the Company")  today announced  the resignation  of  Timothy A. Bienek  as
 President,  Chief Operating Officer and member  of the Board of Directors of
 the  Company.  Mr. Bienek's  responsibilities  will be  assumed  by Mark  E.
 Schwarz, Chairman and Chief Executive Officer of the Company.

 "Mr. Bienek has made a decision to pursue a different opportunity.  We  wish
 him  well in  his  future  endeavors,"  said  Mr.  Schwarz.  "The  Company's
 businesses remain in the capable hands of our divisional Presidents  who are
 delivering much improved performance  against business plans developed  this
 past year," Mr. Schwarz continued.

 Hallmark Financial Services, Inc. engages primarily in sale of  property and
 casualty insurance  products.  The  Company's  business involves  marketing,
 underwriting and  premium  financing  of  non-standard  personal  automobile
 insurance primarily in Texas,  Arizona and New Mexico,  marketing commercial
 insurance primarily  in Texas,  New Mexico,  Idaho,  Oregon and  Washington,
 third party  claims administration,  and other  insurance related  services.
 The Company is headquartered  in Fort Worth, Texas  and its common stock  is
 listed on the American Stock Exchange under the symbol "HAF.EC".


 Forward-looking statements in this  Release are made  pursuant  to the "safe
 harbor" provisions  of  the  Private  Securities  Litigation  Act  of  1995.
 Investors are cautioned  that actual results  may differ  substantially 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,  the  availability of  financing,  underwriting  loss
 experience and  other risks  detailed from  time to  time  in the  Company's
 periodic report filings with the Securities and Exchange Commission.


                 For further information, please contact:
        Scott K. Billings, Chief Financial Officer at 817.348.1600
                           www.hallmarkgrp.com
 ____________________________________________________________________________
 777 Main Street, Suite 1000   *   Fort Worth, Texas 76102   *   817-348-1600
                                                             Fax 817-348-1815