DALLAS, Texas, June 29, 2016 – GAINSCO, INC. (the “Company”) (Pink Sheets: GANS) today announced that its board of directors approved a special cash dividend of $2.50 per share. The special dividend will be payable on July 20, 2016 to shareholders of record on July 11, 2016.
The Company believes that, at its current size, it has more than adequate capital to support its insurance and other operations, and that it is appropriate to return some capital to shareholders through a special cash dividend.
GAINSCO, INC. is a U.S. holding company specializing in automobile insurance (through its insurance brand, GAINSCO Auto Insurance®), automotive sales and service, auto racing and investments. GAINSCO was established in 1978 as a Texas corporation and is based in Dallas, Texas, with a regional insurance office in Miami, Florida. GAINSCO’s primary insurance company subsidiary is MGA Insurance Company, Inc.