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.