Hallmark Financial Services Inc., the Fort Worth, Texas-based insurer, said it has completed its acquisition of Aerospace Holdings, LLC, which provides small aircraft coverage.
Aerospace Holdings, headquartered in Edison, Texas, through Aerospace Insurance Managers Inc. and subsidiaries, markets and services general aviation property-casualty insurance products, with emphasis on private and small-commercial aircraft. Hallmark said that Aerospace produces approximately $30 million in premium, writing aviation insurance in 44 states.
Curtis Donnell, founder and principal officer of Aerospace Holdings, will continue to manage the operation.
Hallmark said it funded the acquisition of Aerospace Holdings through a $12.5 million loan from Newcastle Partners, L.P., an affiliate of Hallmark's chairman and chief executive officer, Mark E. Schwarz. The company intends to retire the bridge loan with the proceeds from a rights offering to its shareholders later this year.
Hallmark Financial engages primarily in the sale of p-c insurance products. The company's business involves marketing and underwriting of nonstandard personal automobile insurance primarily in Texas, Arizona and New Mexico; marketing and underwriting of commercial insurance primarily in Texas, New Mexico, Idaho, Oregon, Montana and Washington; third-party claims administration; and other insurance-related services.
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