GAINSCO Insurance Company Information and Ratings

GAINSCO has been providing insurance services since 1978, making it a well-established company in the industry.

GAINSCO is a non-standard auto insurance company, which means they specialize in covering high-risk drivers who may have difficulty finding insurance elsewhere.

GAINSCO's policies are designed to be affordable and flexible, catering to drivers with less-than-perfect driving records.

GAINSCO is licensed to operate in 11 states, offering a range of insurance products to meet the needs of its customers.

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GAINSCO was founded in 1978, making it a well-established company in the industry.

The company's financial strength is considered above average, which is a positive indicator of its stability and ability to pay claims.

GAINSCO holds an A+ rating from the Better Business Bureau (BBB), reflecting its commitment to customer satisfaction and ethical business practices.

The NAIC complaint ratio for GAINSCO is 2.34, which is a relatively low ratio indicating that the company receives fewer complaints compared to its peers.

Here's a brief summary of GAINSCO's key facts:

State Farm is acquiring GAINSCO in a $400 million cash transaction.

The acquisition is the first time in State Farm's 98-year history that it has acquired an insurance company.

State Farm will acquire 100% of GAINSCO Inc. stock, with GAINSCO shareholders receiving approximately $107.38 per share in cash.

The acquisition is expected to close in early 2021, pending approval of GAINSCO's shareholders and regulatory approvals.

GAINSCO will continue to operate as a separate company and brand with a continued focus on its current objectives.

State Farm agents will be given the opportunity to distribute GAINSCO products in addition to State Farm products and services over time.

Barclays Capital Inc. served as the financial adviser to State Farm, while Sherman & Company served as the financial adviser to GAINSCO.

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Michael Johnston is the COO of GAINSCO. He's the one in charge of the company's day-to-day operations, making sure everything runs smoothly.

GAINSCO is a well-established company, but it's hard to find information about its leadership.

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GAINSCO has been around since 1978, giving them a solid foundation in the industry.

Their financial strength is rated as Above Average, which is reassuring for policyholders.

GAINSCO has an impressive A+ rating from the BBB, indicating they're committed to customer satisfaction.

The NAIC Complaint Ratio is a useful metric to gauge a company's responsiveness to customer issues. With a ratio of 2.34, GAINSCO's complaint ratio is relatively low, suggesting they do a good job of addressing customer concerns.

Here's a summary of GAINSCO's ratings at a glance:

GAINSCO Insurance is a nonstandard auto insurer that specializes in minimum-limits personal auto coverage. It's been around since 1978.

GAINSCO operates through its subsidiary, MGA Insurance Company Inc., a Texas corporation, and is headquartered in Dallas with a regional office in Miami, Florida. It distributes its products through independent retail agents in several states.

GAINSCO's insurance operations are conducted through its subsidiary, MGA Insurance Company Inc., a Texas corporation, and it has a strong financial presence with a financial strength rating of "Above Average" and an A+ BBB rating.

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GAINSCO Insurance is a well-established company with a clear leadership structure. Robert W. Stallings serves as Chairman & Chief Strategic Officer.

The company has a strong leadership team, with Glenn W. Anderson as the President, Chief Executive Officer & Director of Gainsco Auto Insurance.

GAINSCO Insurance has a relatively high complaint ratio when it comes to customer service. This may be because the majority of clients are from a higher-risk demographic that is more likely to have accidents.

The company's financial strength is above average, which is a positive sign for policyholders. GAINSCO has been around since 1978, providing insurance services for over four decades.

A complaint ratio of 2.34, as reported by the NAIC, suggests that GAINSCO receives a moderate number of complaints relative to its size. This ratio is a key metric for evaluating insurance companies.

Here are some key ratings and reviews for GAINSCO:

GAINSCO's A+ rating from the Better Business Bureau is a testament to its commitment to customer satisfaction.

Auto insurance provides financial protection against various types of losses related to your vehicle.

GAINSCO specializes in non-standard minimum-limits auto insurance, which means they cater to drivers who may not qualify for standard insurance policies.

If you're involved in an accident, auto insurance helps cover the costs of repairing or replacing your vehicle.

GAINSCO's focus on non-standard insurance allows them to offer coverage to drivers who might otherwise be denied by other insurers.

Auto insurance also covers damages to other people's property and medical expenses resulting from an accident.

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GAINSCO Insurance offers affordable options for policyholders.

Gainsco car insurance is more affordable than many other high-risk auto insurers. This makes it a great choice for those who may have had a few accidents or tickets in the past.

Gainsco's affordable rates are a major perk for many drivers.

Gainsco insurance is a great option for those who want to save money on their car insurance without sacrificing coverage.

GAINSCO Auto Insurance offers competitive rates compared to other car insurance companies.

GAINSCO's rates vary by state, so it's essential to check the specific rates in your area.

In some states, GAINSCO's rates are lower than the national average.

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