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Exhibit 21

Subsidiaries of Hallmark Financial Services, Inc.

Name of Subsidiary

    

Jurisdiction of Incorporation

o    Aerospace Claims Management Group, Inc.

​

Texas

o    Aerospace Holdings, LLC

​

Texas

o    Aerospace Insurance Managers, Inc.

​

Texas

o    Aerospace Special Risk, Inc.

​

Texas

o    American Hallmark General Agency, Inc.

​

Texas

o    d/b/a Hallmark Specialty Personal Lines

​

​

o    American Hallmark Insurance Company of Texas

​

Texas

o    American Hallmark Insurance Services, Inc.

​

Texas

o    d/b/a Hallmark Commercial Insurance Solutions

​

​

o    CYR Insurance Management Company

​

Texas

o    Effective Claims Management, Inc.

​

Texas

o    Hallmark Claims Service, Inc.

​

Texas

o    Hallmark County Mutual Insurance Company*

​

Texas

o    Hallmark Finance Corporation

​

Texas

o    Hallmark Insurance Company

​

Arizona

o    d/b/a Hallmark American Insurance Company

​

​

o    Hallmark National Insurance Company

​

Arizona

o    Hallmark Specialty Insurance Company

​

Oklahoma

o    Pan American Acceptance Corporation

​

Texas

o    TBIC Holding Corporation, Inc.

​

Texas

o    TBIC Risk Management, Inc.

​

Texas

o    Texas Builders Insurance Company

​

Texas

o    Hallmark Specialty Underwriters, Inc.

​

Texas

o    TGA Special Risk, Inc.

​

Texas

​


*  Controlled through a management agreement.