GAINSCO, INC. Reports First Quarter Losses

Nonstandard property and casualty insurance holding company, GAINSCO, INC., reported a $1.2 million net loss for the first quarter 2001, compared to a first quarter 2000 net loss of $0.1 million. Fort Worth-based GAINSCO said that a number of 2001 transitional issues being addressed by the company had affected the loss. Along with a net loss, GAINSCO reported lower levels of gross premiums for the first quarter of 2001, compared with the first quarter 2000. A recent reduction in GAINSCO’s rating by A.M. Best has spurred the company to develop plans for narrowing its business focus.