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 Mark J. Morrison, Chief Financial Officer
FORT WORTH, Texas, (March 5, 2004) - Hallmark Financial Services, Inc.
(Amex: HAF.EC) ("the Company") today announced the appointment of Mark J.
Morrison as Executive Vice President and Chief Financial Officer of the
Company effective March 22, 2004. Mr. Morrison will be charged with
managing and executing all aspects of the financial growth of the Company.
Mr. Morrison joins the Company most recently from Associates Insurance Group
in Dallas, Texas, a subsidiary of Travelers Property Casualty, where he
served as President since January 2001. Prior to that he served as Chief
Financial Officer of Associates First Capital Corporation's insurance
operations, which included Associates Insurance Group, Northland Insurance
Group, American Equity Insurance Group and Mendota Insurance Group. Mr.
Morrison also previously held various accounting and financial management
positions in the insurance industry with Republic Insurance Group and Anthem
Insurance Services. He began his professional career in 1982 in public
accounting with Ernst & Young, LLP in Indianapolis, Indiana, where he ended
his tenure in 1991 as a Senior Manager of Assurance Services serving
the insurance practice. Mr. Morrison holds a CPA certification and a
Bachelor of Science degree in Business Accounting from Indiana University
(Bloomington).
Mark E. Schwarz, Chairman and Chief Executive Officer of the Company stated,
"We are pleased to have Mark Morrison bring his 22 years of experience in
financial management, administration and strategic planning to Hallmark
Financial Services. Mark's experience includes 13 years in the property &
casualty insurance industry working in senior positions at Associates,
Republic Insurance Group and Anthem."
Mr. Morrison will be succeeding Scott K. Billings who has left the Company
to pursue other business interests.
Hallmark Financial Services, Inc. engages primarily in sale of property and
casualty insurance products. The Company's business involves marketing and
underwriting 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:
Mark E. Schwarz, Chairman and Chief Executive Officer at 817.348.1600
www.hallmarkgrp.com
____________________________________________________________________________
777 Main Street, Suite 1000 * Fort Worth, Texas 76102 * 817-348-1600
Fax 817-348-1815