DALLAS, Texas, February 7, 2011 – GAINSCO, INC. today announced that A.M. Best, the principal rating agency of the insurance industry, upgraded the financial strength rating (FSR) of GAINSCO, Inc.’s principal insurance subsidiary, MGA Insurance Company, Inc., to B+ (Good) from B (Fair). The issuer credit rating (ICR) of the insurance company was also upgraded to “bbb-” from “bb+”. The outlook for both ratings has been revised to stable from positive.
Concurrently, A.M. Best has withdrawn the ICR of “b” of GAINSCO, INC. and assigned an “nr” to the ICR. The ICR withdrawal is due to the delisting of the Company’s stock from the NYSE Amex exchange effective January 31, 2011.
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 and Texas (Southwest Region). Its insurance company subsidiary is MGA Insurance Company, Inc.
Release Date: Monday, February 7, 2011 – FOR IMMEDIATE RELEASE