We are excited for the opportunity State Farm agents will have to serve a market that has historically not been open to them. GAINSCO will continue to operate as a separate company and brand with continued focus on its current objectives. For more information, please visit http://www.statefarm.com. UPDATE: State Farm® Closes Purchase of GAINSCO. Its insurance company subsidiary (domiciled in Texas) is MGA Insurance Company, Inc., and sponsors the No. State Farm Mutual Automobile Insurance Company, America’s largest property and casualty insurance provider, and GAINSCO, Inc. announced Sept. 17, 2020, that they have entered into an agreement pursuant to which State Farm will acquire GAINSCO for approximately $400 million in cash. [citation needed], In 2019, GAINSCO has chosen One Inc., for modernisation of the outbound payment capacities of the company. GAINSCO is ranked #15 on the Best Insurance Companies to Work For in Texas list. Dan Bongino Show 8:00 p.m. - … I interviewed at GAINSCO (United States) ... Glassdoor gives you an inside look at what it's like to work at GAINSCO, including salaries, reviews, office photos, and more. Its 19,200 agents and 57,500 employees serve approximately 85 million policies and accounts – which includes auto, fire, life, health, commercial policies and financial services accounts. What does a CLAIMS TEAM LEADER - LEVEL III do? [3], Beginning in 2005, a newly created GAINSCO logo mark incorporated a rising arrow in its name to inspire a progressively upward company. 99 Red Dragon™ McLaren 650s GT3 GAINSCO/Bob Stallings™ racecar. [7], On September 17, 2020, State Farm Insurance announced an agreement to acquire Gainsco as a wholly owned subsidiary for $400 million.[8][9]. What is GAINSCO Insurance? The transaction is expected to close in early 2021, subject to approval by GAINSCO’s shareholders, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, obtaining regulatory approvals, and satisfaction of other customary closing conditions. Companies work to deliver the best of moments during the rides with comfort and safety assurance. GAINSCO is a publicly traded property & casualty insurance company headquartered in Dallas, Texas. The company also has an office in Miami, Florida, where they provide coverage and writes insurance in several other states, including: Arizona; Georgia; New Mexico; Oklahoma; South Carolina The company was eligible to suspend its reporting obligations and deregister its common stock because there were fewer than 300 holders of record of the company's common stock. The Company in early 2011 approved the voluntary suspension of its duty to file reports with the SEC and the voluntary deregistration of its common stock. GAINSCO's work environment rewards engaged individuals who have a desire to contribute and succeed. Previously, Mr. Anderson held vice-presidential positions in commercial insurance with Fireman's Fund Insurance. Salary information comes from 10 data points collected directly from employees, users, and past and present job advertisements on Indeed … This estimate is based upon 17 GAINSCO Claims Adjuster salary report(s) provided by employees or estimated based upon statistical methods. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. The company, through its insurance brand, GAINSCO Auto Insurance®, specializes in minimum-limits personal auto coverage and actively distributes its nonstandard personal auto products through independent retail agents in Southwest and Sunbelt states. The transaction is the first acquisition of an insurance company by State Farm in its 98-year history. The deal will have State Farm purchasing all of the Gainsco insurance company’s stock. GAINSCO (OTC Pink No Information: GANS) is a Dallas, Texas-based holding company established in 1978 in Fort Worth, Texas by Joseph Macchia, who resigned from the enterprise in 1998 to pursue other interests. [6] The company's Board of Directors and named Executive Officers own a significant majority of the outstanding common stock. State Farm and its affiliates are the largest providers of, Its 19,200 agents and 57,500 employees serve, approximately 85 million policies and accounts – which includes auto, fire, life, health, commercial policies and financial services accounts, State Farm Offers More Flexibility to Employees, Reducing Dog Bites by Preparing Pets for Post-Pandemic Life, Preparing Homes and Communities for the 2021 Wildfire Season, More than $3.1 Billion Paid on 2020 Hail Damage Claims, New Wildfire Defense Program Saves Customer’s Chickens and Home, How to fly drones over roads safely? Glenn Anderson has served as president, Chief Executive Officer, and Director of GAINSCO, INC. since April 1998. “We believe this acquisition positions both our company and GAINSCO well for future growth,” said Michael Tipsord, State Farm President, Chairman, and CEO. Gainsco will continue to operate as a separate company, but over time the two insurance firms will begin to combine products offered to customers, according to State Farm. State Farm Mutual Automobile Insurance Company, America’s largest property and casualty insurance provider, and GAINSCO, Inc. announced Sept. 17, 2020, that they have entered into an agreement pursuant to which State Farm will acquire GAINSCO for approximately $400 million in cash. GAINSCO Insurance was founded in 1978 in Dallas, Texas. All Jobs Customer Service Insurance Legal Software Development. Gainsco vs. Country: What You Need to Know. said GAINSCO Executive Chairman Bob Stallings. It consolidated its headquarters in Dallas, Texas in 2005. The average salary for Gainsco Inc. employees is $63,030 per year. Established in 1978, Gainsco specializes in nonstandard auto insurance for high-risk drivers and minimum-limits personal auto insurance. [citation needed] The Company marketed its commercial insurance through managing general agents, using “GAINSCO” and the block super-scribed letters “GA” as its primary logo identifiers. GAINSCO's insurance operation was originally chartered as an underwriter of Commercial risks; operations that were discontinued and placed in a run-off in 2002. Prior to joining GAINSCO, Mr. Anderson served as Executive Vice President of USF&G Corporation and President of USF&G's Commercial Insurance Group, positions held since July 1996. The acquired insurer will continue its operation as a separate business. This will help us further toward our goal of serving more customers in more ways.”, “This transaction creates value for GAINSCO’s shareholders and is especially opportunistic for our GAINSCO team, agency base, policyholders and plans for future growth." However, in time, the two companies will start the process of combining the products they offer consumers, said the statement from State Farm. Visit PayScale to research Gainsco Inc. salaries, bonuses, reviews, benefits, and more! Come join us and become a champion with GAINSCO. Registered marks include GAINSCO Auto Insurance®[4] and Are You Driven®.[5]. ... “GAINSCO will continue to operate as a separate company … He added, “GAINSCO is a leading provider of non-standard auto insurance products in the markets we serve and we look forward to partnering with State Farm, its agent network and our existing agency channels to achieve our mission of becoming a nationwide leader in the fastest growing segment of the auto insurance market. The entry into the automobile dealership business in late 2013 provided another avenue for expansion opportunities. Some states may also require that you purchase UM/UIM coverage, PIP, and/or Medical Payments. GAINSCO will continue to operate as a separate company and brand with continued focus on its current objectives. GAINSCO's insurance operations consist of about 400 employees with about 250 employees in its Dallas home office. Mr. Anderson joined USF&G in 1992 as Senior Vice President of Commercial Lines. State Farm’s bet on high-risk drivers is far smaller than Allstate’s. GAINSCO’s work environment rewards engaged individuals who have a desire to contribute and succeed. GAINSCO's work environment rewards engaged individuals who have a desire to contribute and succeed. Esta página aún no está disponible en español. When factoring in bonuses and additional compensation, a Claims Adjuster at GAINSCO can expect to make an average total pay of $47,031 . Under the agreement, State Farm Mutual will acquire 100% of the stock in GAINSCO Inc., with shareholders receiving approximately $107.38 per share. “Because of our competitive value, broad line of products, and exceptional customer service from our employees and 19,200 State Farm independent contractor agents, customers have made us the largest property and casualty insurer for several decades. Customer Service: 866-GAINSCO (866-424-6726) Claims: 866-GAINSCO (855-424-6726) Gainsco Insurance, 3333 Lee Parkway, Suite 1200, Dallas, TX 75219 [citation needed] The Company completed a capital restructuring in 2005 which set the base for developing its business model. Gainsco covers twelve states, including Alabama, Arizona, Florida, Georgia, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, Utah, and Virginia. Gainsco is a Texas-based auto insurance company offering comprehensive coverage for U.S. drivers. That's because our culture encourages individuals to grow their skills as they build their careers. Over time, the parties expect to provide State Farm agents the opportunity to distribute GAINSCO products in addition to State Farm products and services. Their insurance subsidiary, MGA Insurance Company, Inc. is also based out of Texas. In addition, he managed USF&G's commercial field operations. They also have a regional office in Miami, and they are licensed to provide insurance in 44 states as well as the District of Columbia. GAINSCO is based in Dallas and has been in business since 1981. Additionally, he has earned the Chartered Property and Casualty Underwriter (CPCU) designation. All content is posted anonymously by employees working at GAINSCO. The automobile dealership operation, located in South Dallas, has approximately 45 employees. 36 on the 2020 Fortune 500 list of largest companies. 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