Insuring Those The Others Ignore

Most property-and-casualty insurers are plagued with financial woes. But not Texas-based Gainsco. For the eighth year in a row, the company has posted record earnings, with an annual per-share growth rate of 55% last year. And while many insurance stocks have been on the ropes, Gainsco's shares have been out there swinging. The stock has jumped from 8 in early 1992 to 15 5/8 on May 18. What's Gainsco's secret?

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