DENVER, March 14, 2016 (GLOBE NEWSWIRE) -- StoneRiver, Inc., the trusted insurance technology partner with solutions across multiple business lines, today announced that Hallmark Financial Services (Hallmark) has selected StoneRiver's Freedom Reinsurance System (FRS). FRS is designed to meet the ceded reinsurance processing needs of property-casualty insurers, from calculating premium and claim cessions to producing the data required for Schedule F.
Hallmark's decision was based on:
- StoneRiver's deep reinsurance knowledge & knowledgeable resources
- FRS as an affordable product
- Ability to reduce annual statement / Schedule F preparation expenses
- FRS' capacity to handle complex reinsurance programs.
Hallmark is unique in the number of data sources that will be interfaced in FRS. Most clients choose to interface from one or two data repositories (i.e., policy / claim administration system, data warehouse). Hallmark will be interfacing from multiple data sources. FRS will give Hallmark a cost-effective method of automating core aspects of this intricate process.
"Today, reinsurance administration is extremely labor intensive," said Jeff Passmore, Senior Vice President and Chief Accounting Officer. "Automation will speed up the compilation and review process of our reinsurance calculations, and streamline billing, collections, and annual statement reporting. Furthermore, the time savings anticipated from implementing FRS will allow our resources to focus on more strategic initiatives."
StoneRiver Senior Vice President Thomas Chesbrough noted, "Our reinsurance products continue to be strong in the industry, and we are pleased when a new customer not only sees the value in our systems but also gains benefits from using our systems."
About Hallmark Financial Services, Inc.
Hallmark Financial Services, Inc. is a diversified specialty property/casualty insurer with offices in Dallas-Fort Worth, San Antonio, Chicago, Los Angeles and Atlanta. Hallmark markets, underwrites and services approximately half a billion dollars annually in commercial and personal insurance premiums in select markets. Hallmark is headquartered in Fort Worth, Texas and its common stock is listed on NASDAQ under the symbol "HALL."
Website: www.hallmarkgrp.com
Media Contact: Blake Zipoy, Director of Corporate Communications, bzipoy@hallmarkgrp.com
About StoneRiver, Inc.
StoneRiver delivers the industry's widest range of value-oriented technology solutions and services to insurance carriers, agents and broker-dealers. This versatile product group encompasses front-office, policy, claims, rating, underwriting, billing and reinsurance automation for all major business lines. Hundreds of companies of all sizes rely on StoneRiver software and processing solutions to achieve a competitive edge. Customer satisfaction and client success are the continuing goal, and are in large part achieved by maintaining and valuing strong, long-term customer relationships.
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