Hallmark Financial Services Notes A.M. Best Ratings Upgrades

April 21, 2003

Dallas-based Hallmark Financial Services, Inc. announced that A.M. Best has upgraded the financial strength ratings of its two insurance subsidiaries. American Hallmark Insurance Company of Texas was upgraded from “C+” to “B-” and Phoenix Indemnity Insurance Company was upgraded from “D” to “B-“.

Hallmark Financial Services, Inc. engages primarily in the sale of property and casualty products.

The company’s business involves marketing, underwriting and premium financing of non-standard personal automobile insurance primarily in Texas, Arizona and New Mexico, marketing of commercial insurance in Texas, New Mexico, Idaho, Oregon and Washington, third party claims administration, and other insurance related services.

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