Who owns Gainsco Insurance?
GAINSCO is a Dallas, Texas-based holding company established in 1978 in Fort Worth, Texas by Joseph Macchia, who resigned from the enterprise in 1998 to pursue other interests. Through its insurance brand, GAINSCO Auto Insurance, the company specializes in minimum-limits personal auto coverage and actively distributes its nonstandard personal auto products through independent retail agents…
GAINSCO is a Dallas, Texas-based holding company established in 1978 in Fort Worth, Texas by Joseph Macchia, who resigned from the enterprise in 1998 to pursue other interests. Through its insurance brand, GAINSCO Auto Insurance, the company specializes in minimum-limits personal auto coverage and actively distributes its nonstandard personal auto products through independent retail agents across the United States.
Who owns Gainsco Insurance?
GAINSCO’s insurance operation was originally chartered as an underwriter of Commercial risks; operations that were discontinued and placed in a run-off in 2002. The Company marketed its commercial insurance through managing general agents, using “GAINSCO” and the block super-scribed letters “GA” as its primary logo identifiers.
State Farm Mutual Automobile Insurance Company, America’s largest property, and casualty insurance provider, and GAINSCO, Inc. announced on Sept. 17, 2020, that they have agreed under which State Farm will acquire GAINSCO for approximately $400 million in cash.
“We believe this acquisition positions both our company and GAINSCO well for future growth,” said Michael Tipsord, State Farm President, Chairman, and CEO. “Because of our competitive value, a broad line of products, and exceptional customer service from our employees and 19,200 State Farm independent contractor agents,
