December 06, 2016 4:00 AM ET

Insurance

Company Overview of American Hallmark Insurance Co Of Texas

Company Overview

American Hallmark Insurance Co. Of Texas provides property, causality, and automobile insurance services. The company is based in Fort Worth, Texas. American Hallmark Insurance Co. Of Texas operates as subsidiary of American Hallmark General Agency, Inc.

777 Main Street

Suite 1000

Fort Worth, TX 79102

United States

Founded in 1982

Key Executives for American Hallmark Insurance Co Of Texas

American Hallmark Insurance Co Of Texas does not have any Key Executives recorded.

American Hallmark Insurance Co Of Texas Key Developments

Hallmark Financial Services, Inc., American Hallmark Insurance Company of Texas and Hallmark Insurance Company Enter into First Amendment to Second Restated Credit Agreement and Revolving Facility B Agreement with Frost Bank

On December 17, 2015, Hallmark Financial Services Inc. and two of its insurance company subsidiaries, American Hallmark Insurance Company of Texas (AHIC) and Hallmark Insurance Company (HIC), entered into a first amendment to second restated credit agreement and a revolving facility B agreement with Frost Bank. The first amendment amends the existing second restated credit agreement with Frost to incorporate the additional credit facility reflected by the facility B agreement. The facility B agreement provides Hallmark a new $30.0 million revolving credit facility (‘facility B’), in addition to its existing $15.0 million revolving credit facility with Frost. Hallmark may use facility B loan proceeds solely for the purpose of making capital contributions to AHIC and HIC. Hallmark may borrow, repay and reborrow under the facility B until December 17, 2017, at which time all amounts outstanding under the facility B are converted to a term loan. In connection with facility B, Hallmark has paid a Frost a one-time commitment fee of $75,000 and will pay Frost an additional quarterly fee through December 17, 2017 of 0.25% per annum of the average daily unused balance of facility B. Facility B bears interest at a rate equal to the prime rate or LIBOR plus 3.00%, at Hallmark’s election. Until December 17, 2017, interest only on amounts from time to time outstanding under facility B are payable quarterly. Any amounts outstanding on Facility B as of December 17, 2017 are converted to a term loan payable in quarterly installments over five years based on a seven year amortization of principal plus accrued interest. All remaining principal and accrued interest become due and payable on December 17, 2022.

015, Hallmark Financial Services, Inc., American Hallmark Insurance Company of Texas and Hallmark Insurance Company Enter into Second Restated Credit Agreement with Frost Bank

On June 30, 2015, Hallmark Financial Services Inc. and two of its insurance company subsidiaries, American Hallmark Insurance Company of Texas and Hallmark Insurance Company entered into a Second Restated Credit Agreement with Frost Bank. The Second Restated Credit Agreement reinstates the credit facility with Frost which expired by its terms on April 30, 2015. The Second Restated Credit Agreement also amends certain provisions of the credit facility and restates the agreement with Frost in its entirety. The Second Restated Credit Agreement provides a $15.0 million revolving credit facility, with a $5.0 million letter of credit sub-facility. The outstanding balance of the revolving credit facility bears interest at a rate equal to the prime rate or LIBOR plus 2.5%, at Hallmark’s election. Hallmark pays an annual fee of 0.25% of the average daily unused balance of the credit facility and letter of credit fees at the rate of 1.00% per annum. The obligations under the revolving credit facility are secured by a security interest in the capital stock of AHIC and HIC. In connection with the Second Restated Credit Agreement, Frost released all other collateral and the guaranties of Hallmark’s subsidiaries. The revolving credit facility contains covenants that, among other things, require the Company to maintain certain financial and operating ratios and restrict certain distributions, transactions and organizational changes. The Second Restated Credit Agreement expires on June 30, 2018.

Similar Private Companies By Industry

Company Name Region
212 Capital Group, LLC United States
21st Century Life and Health Company, Inc. United States
3 Mark Financial, Inc. United States
534 Las Americas, LLC United States
5Star Financial Services, LLC United States

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
Bloomberg L.P. United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact American Hallmark Insurance Co Of Texas, please visit --. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.