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GAINSCO Posts $1.6m Q2 Net Revenue

Gross premiums written increased approximately 13% and 7% in Q2 and first half, respectively

GAINSCO, a Texas-based holding company, has reported a net income of $1.6 million for the second quarter of 2009, as compared to a net income of $1 million in the second quarter of 2008.

The net income for the six months ended June 30, 2009 was $3.7 million, compared to a net income of $1.1 million for the six months ended June 30, 2008.

The gross premiums written increased approximately 13% and 7% during the second quarter and six months ended June 30, 2009, respectively, as against the comparable 2008 periods.

During the second quarter of 2008, the company recorded favourable development for claims occurring in prior accident years for its runoff lines of $1.3 million. For the six months ended June 30, 2009 and 2008, the runoff lines recorded favorable development for claims occurring in prior accident years of $1.5 million and $1.3 million, respectively.

As regards the company’s nonstandard personal auto business during the second quarter of 2009, it recorded favourable development for claims occurring in prior accident years of $1.1 million. For the first six months of 2009, the company recorded favorable development for claims occurring in prior accident years for nonstandard personal auto of $3.4 million.