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Gainsco Q1 earnings increase

Gainsco, a company engaged in the property and casualty insurance business, has reported a net income of $2.05m, or $0.09 per share, for the first quarter ended March 31, 2009, compared to $167,000, or $0.01 per share, for the first quarter ended March 31, 2008.

Gross premiums written for the first quarter of 2009 were $53.15m, compared to $51.97m for the first quarter of 2008. For the first quarter of 2009, net premiums earned were $46m, compared to $43.34m for the same quarter of 2008.

Net investment income for the first quarter of 2009 decreased to $1.7m from $2.13m for the comparable period of 2008.

Total revenues for the first quarter of 2009 were $50.64m, compared to $48.57m during the corresponding quarter of 2008.

The company continues to adjust and settle claims associated with its runoff lines. For the first quarter of 2009, the company’s runoff lines recorded favorable development for the settlement of claims occurring in prior accident years of $0.5m. During the first quarter of 2008, no material development for claims occurring in prior accident years for the company’s runoff lines was recorded.

As regards the company’s nonstandard personal auto business during the first quarter of 2009, the company recorded favorable development for claims occurring in prior accident years of $2.3m. During the first quarter of 2008, the company recorded unfavorable development for claims occurring in prior accident years for nonstandard personal auto of $1.7m.