GAINSCO, INC., through its subsidiaries, engages in the property and casualty insurance business, focusing on the nonstandard personal auto market. The company’s insurance operations are conducted through one insurance company MGA Insurance Company, Inc. (MGA). The company markets its nonstandard auto insurance products through approximately 4,800 independent agency locations in Arizona, Florida, Georgia, Nevada, New Mexico, South Carolina and Texas, and 1 general agency in California that markets through approximately 900 insurance broker locations. Products Nonstandard Auto Insurance The company's nonstandard personal auto products are primarily aligned with customers seeking to purchase basic coverage and limits of liability required by statutory requirements, or slightly higher. Its products include coverage for third party liability, for bodily injury, and physical damage, as well as collision and coverage for theft, physical damage, and other perils for an insured’s vehicle. Within this context, the company offers its product to a range of customers who present varying degrees of potential risk to the company. The company offers flexible premium down payment, installment payment, late payment, and policy reinstatement plans. It primarily writes six month policies in Arizona, Florida, Nevada, and New Mexico and both one month and six month policies in Texas, with one year policies in California and both six month and one year policies in Georgia and South Carolina. Competition The company major competitors include Mercury General Corporation; Infinity Property & Casualty Corporation; Affirmative Insurance Holdings, Inc.; United Automobile Insurance Group; Direct General Group; Permanent General Companies; First Acceptance Insurance Companies; and Sentry Insurance Group. History GAINSCO, INC. was founded in 1978.
(GANS:OTC Markets Group Inc - No Information)
3333 Lee Parkway
Dallas, TX 75219-5134
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