Exhibit 21

Subsidiaries of Hallmark Financial Services, Inc.

Name of Subsidiary	Jurisdiction of Incorporation
Aerospace Claims Management Group, Inc.*	Texas
Aerospace Flight, Inc.*	Texas
Aerospace Holdings, LLC*	Texas
Aerospace Insurance Managers, Inc.*	Texas
Aerospace Special Risk, Inc.*	Texas
American Hallmark General Agency, Inc.	Texas
(d/b/a Hallmark Insurance Company)
American Hallmark Insurance Company of Texas*	Texas
American Hallmark Insurance Services, Inc.*	Texas
CYR Insurance Management Company*	Texas
Effective Claims Management, Inc.*	Texas
Hallmark Claims Service, Inc.	Texas
(d/b/a Hallmark Insurance Company)
Hallmark County Mutual Insurance Company*	Texas
(controlled through a management agreement)
Hallmark Finance Corporation*	Texas
Hallmark Insurance Company*	Arizona
Hallmark National Insurance Company*	Ohio
Hallmark Specialty Insurance Company*	Oklahoma
Hardscrabble Data Solutions, LLC*	New Jersey
Heath XS, LLC*	New Jersey
Pan American Acceptance Corporation*	Texas
TBIC Holding Corporation, Inc.*	Texas
TBIC Risk Management, Inc.*	Texas
Texas Builders Insurance Company*	Texas
Hallmark Specialty Underwriters, Inc.*	Texas
TGA Special Risk, Inc.*	Texas

* Conducts business under its corporate name.