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HALL - Potential Spin-Out May Reduce Hallmark's Heavily Discounted Valuation
Hallmark Financial Services Inc.
Hallmark Financial is among the cheapest U.S. property/casualty insurers - were it to trade at book value, the shares would more than double.
The company had multiple issues in 2020, but these appear resolved.
The expected spin-out of a stake in its specialty insurance business presents a catalyst for re-rating.
This is not a premium business, but it is a functional one, and is currently excessively discounted by the market, especially given the probable catalyst.