State Farm® Closes Purchase of GAINSCO
BLOOMINGTON, Ill., December 31, 2020 – In September, State Farm Mutual Automobile Insurance Company announced an agreement to acquire non-standard auto insurer GAINSCO for approximately $400 million in cash. The transaction closed on Dec. 31.
The closing finalizes the first acquisition of an insurance company by State Farm in the company’s 98-year history.
In the future, the companies expect to provide State Farm independent contractor agents an opportunity to market, solicit and service GAINSCO products.