Hallmark Financial Services’ Naveen Anand has quit as president and CEO, citing “family and personal reasons” for his departure, the excess and surplus lines carrier revealed in a statement today.
Mark Schwarz, the executive chairman and majority owner of Hallmark is taking on Anand’s responsibilities as president and CEO, the carrier has announced.
Anand’s exit marks the end of a tumultuous twelve months for the Texan insurer: the carrier’s stock has fallen 80% in the past year after negative reserve development in commercial auto. Hallmark appointment Raymond James to run sale process, but no deal was forthcoming, as delinquency notices from the Nasdaq exchange for late results filing mounted up.
In July, the carrier signed a $215mn loss portfolio transfer with legacy liabilities reinsurer Darag, to rid it of its long tail commercial auto woes.
Schwarz last served as Hallmark CEO from 2003 to 2006, and indirectly controlls the group through Newcastle Partners, the company’s biggest shareholder. He chairs the boards of two other companies: pizza chain Rave Restaurant Group and model management company Wilhelmina International.
The filing on Friday noted that Schwarz is an at-will employee of Hallmark and will stay on his existing salary of $195,000 a year.
