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Fort Worth, Texas-based Hallmark Financial Services Inc. has entered into an agreement for its unit Hallmark Insurance Co. to acquire nonstandard auto insurer State Auto National Insurance Co. from State Auto Financial Corp.
According to an Aug. 9 news release, the purchase price for the acquisition will be $14 million in cash at closing plus an earnout of up to $2 million. Hallmark expects to fund the acquisition out of working capital.
The cash portion of the purchase...