Hallmark to spin out specialty business in IPO
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Hallmark to spin out specialty business in IPO

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Hallmark Financial Services is to spin out its specialty lines subsidiary in an initial public offering that will test equity market appetite for P&C excess and surplus lines deals.

The transaction will involve around half of Hallmark Specialty Group shares being floated, although the parent – already a Nasdaq-listed insurer – will remain in control of the entity by holding onto a majority of common shares, which have...

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