Exhibit 21

Subsidiaries of Hallmark Financial Services, Inc.

Name of Subsidiary	Jurisdiction of Incorporation
o   Aerospace Claims Management Group, Inc.	Texas
o   Aerospace Flight, 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   Hardscrabble Data Solutions, LLC	New Jersey
o   Heath XS, LLC	New Jersey
o   d/b/a Hallmark E&S
o   d/b/a Hallmark E&S Insurance Services, LLC
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.