GAINSCO drops Commercial Lines
Fort Worth, Texas-based standard insurance, GAINSCO Inc., said he wrote of plans to stop arms trade because of cost-effective results and rising debts. In this context, it should be noted GAINSCO expects to report losses for the fourth quarter and year to end December 31, 2001. The results will be made public on February 27 The company is also an increase of $ 16.9 million to the provision for commitments ultimate call for its fourth quarter losses, as well as $ 2.6 million for potential claims resulting einzutreibenden of goods and services. GAINSCO decided, in writing commercial lines business, after finding that “market volatility, unpredictability and uncertainty of trade receivables lines of development of our business” threat of its capital. It envisages, with all made available on commercial lines of funds for more profitable opportunities. The commercial lines business generated about $ 70 million in gross premiums written for the year 2001. GAINSCO writing to the intention to adopt new trade policies and renovation as soon as possible, according to the laws and treaties, but also continue its personal lines of insurance operations in Florida, or about $ 40 million in bonuses Crude for 2001. The company announced the bank, following its 2001 losses, it is against two covenants in reference to his contract existing credit. The proposals regarding violations have been exchanged, but the thing is not yet resolved. GAINSCO main insurance operations subsidiaries of General Agents Insurance Company of America Inc., MGA Insurance Company Inc. GAINSCO County Mutual Insurance Company, Midwest and Casualty Insurance Company.
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