Olshan Represents Hallmark Financial Services in Sale of its E&S Lines Operations to Core Specialty for $40 Million
Seeking Alpha, the Insurance Journal and the Cincinnati Business Courier, among other outlets, reported on the sale by Olshan client Hallmark Financial Services, Inc. (Nasdaq: HALL) of its excess and surplus lines operations to Core Specialty Insurance Holdings, Inc. for $40 million cash consideration. The transaction was comprised of nine business units within Hallmark’s Specialty Commercial business segment and included the acquisition of Hallmark’s agency subsidiary and relationships, related intellectual property and leases, as well as the transition of approximately 200 employees. The transaction is expected to strengthen Hallmark’s balance sheet and result in a more streamlined company. The Olshan team who represented Hallmark included the following attorneys: Corporate: Steve Wolosky, Michael R. Neidell, Richard M. Quatrano and Dakota J. Forsyth; Tax: Eduardo A. Cukier and K.C. Chiang; Employment Law: Michael J. Passarella; Intellectual Property: Mary L. Grieco; and Real Estate: Amy W. Lu.