GAINSCO
| Company type | Subsidiary |
|---|---|
| Industry | Insurance |
| Founded | 1978 in Fort Worth, Texas, United States |
| Founder | Joseph Macchia |
| Fate | Acquired by State Farm Insurance |
| Headquarters | Dallas , United States |
Area served | United States |
Key people | Joseph Macchia (founder; departed 1998) |
| Products | Commercial insurance (until 2002), Auto insurance |
| Owner | State Farm Insurance |
| Parent | State Farm Insurance |
GAINSCO (an acronym for General Agents Insurance Company of America) operates as a holding company headquartered in Dallas, Texas. It was established in 1978 in Fort Worth, Texas by Joseph Macchia, who departed from the company in 1998.
History
Originally, GAINSCO focused on underwriting Commercial risks, a line of business it ceased pursuing in 2002. The company distributed commercial insurance products through managing general agents under the "GAINSCO" and "GA" brand marks, which originated from its main insurance subsidiary, General Agents Insurance Company of America, Inc.. This subsidiary was divested in 2007.
In 2005, GAINSCO unveiled a refreshed logo that incorporated an ascending arrow to represent progress and growth. The company holds registered trademarks including GAINSCO Auto Insurance and Are You Driven.
The insurance subsidiary experienced a notable enhancement in its A.M. Best rating, advancing from a "Vulnerable" B− to an "Excellent" A− financial strength designation.
On December 31, 2020, GAINSCO was purchased by State Farm Insurance for $400 million, becoming a wholly owned subsidiary.