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Gainsco Q3 net income surges

Gainsco, a provider of property and casualty insurance services, has reported a net income of $3.9m, or $0.82 per common share, for the third quarter of 2010, compared to $0.2m, or $0.04 per common share, for the same quarter of 2009.

Total revenues for the third quarter of 2010 were $42.36m, compared to $53.18m for the corresponding period of 2009.

Gross premiums written for the third quarter of 2010 were $41.28m, compared to $45.73m in the same quarter last year.

Net income for the first nine months of 2010 was $7.6m, or $1.60 per common share, basic and diluted, compared to $3.8m, or $0.80 per common share, basic and diluted for the same period of 2009.

Total revenues for the first nine months of 2010 was $131.09m, compared to $157.75m for the same period of 2009.