DALLAS, Texas, May 2, 2012 – GAINSCO, INC. (“GAINSCO” or the “Company”) (Pink Sheets: GANS) today announced that AM. Best, the insurance industry’s principal rating agency, revised its official outlook of GAINSCO’s principal insurance subsidiary, MGA Insurance Company, Inc., to “positive” from “stable.”
The new outlook reflects the Company’s continuing improvements in profitable operating results and underwriting performance. This is the latest in a series of positive reviews of GAINSCO’s business performance by A.M. Best going back to 2005. Most recently, on February 7, 2011, the rating agency upgraded the financial strength rating of MGA Insurance Company, Inc. to “B+” from “B.”
GAINSCO, INC. is a Dallas, Texas-based holding company established in 1978. The Company, through its insurance brand, GAINSCO Auto Insurance®, specializes in minimum-limits personal auto coverage and actively distributes its nonstandard personal auto products through independent retail agents in Florida, Georgia and South Carolina (Southeast Region) and in Arizona, New Mexico, Oklahoma and Texas (Southwest Region). Its insurance company subsidiary is MGA Insurance Company, Inc.
Release Date: Wednesday, May 2, 2012 – FOR IMMEDIATE RELEASE