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|Traded as||OTC Pink No Information: GANS|
Fort Worth, Texas, U.S.
|Robert W. Stallings|
(Executive Chairman of the Board)
Glenn W Anderson
(President and Chief Executive Officer)
Jim R. Reis
Number of employees
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.
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. The Company marketed its commercial insurance through managing general agents, using “GAINSCO” and the block super-scribed letters “GA” as its primary logo identifiers. These were derived from the abbreviated version of the name of the Company’s its primary insurance subsidiary at that time, General Agents Insurance Company of America, Inc. This commercial insurance company was sold in 2007.
An acquisition in the late 1990s of a Florida-based managing general agency and claims operation specializing in the non-standard personal automobile business established the cornerstone for GAINSCO’s insurance marketing focus today. The Company completed a capital restructuring in 2005 which set the base for developing its business model. It consolidated its headquarters in Dallas, Texas in 2005.
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. Its insurance company subsidiary (domiciled in Texas) is MGA Insurance Company, Inc., and sponsors the No. 99 Red Dragon™ McLaren 650s GT3 GAINSCO/Bob Stallings™ racecar. In addition, the Company owns and operates a franchised Hyundai automobile dealership in Dallas, Texas.
Beginning in 2005, a newly created GAINSCO logo mark incorporated a rising arrow in its name to inspire a progressively upward company. It was at this time that GAINSCO’s logo mark was first placed on a racecar owned by our Chairman of the Board, Robert Stallings. Registered marks include GAINSCO Auto Insurance® and Are You Driven®.
The Company’s insurance business has grown from a gross premiums written level of $112 million in 2005 to $227 million in 2015. Total shareholders’ equity (on a GAAP basis) increased from $57 million to $96 million over the same period. In addition, during this time period the A.M. Best rating of the insurance subsidiary has increased three times moving from a “Vulnerable” financial strength rating of “B-” to the current “Secure” financial strength rating of “B++” with a stable outlook. The entry into the automobile dealership business in late 2013 provided another avenue for expansion opportunities.
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. 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. This decision resulted in expense savings and reduced reporting burdens.
The GAINSCO leadership team is deep in industry talent and expertise. Robert Stallings, GAINSCO’s Chairman, has a successful track record of building and managing financial services companies and is actively involved in the strategic leadership and organizational management. Glenn Anderson, CEO and President, has enjoyed significant success over his thirty-year career in the insurance industry. A former Executive Vice President and Divisional President with USF&G, Mr. Anderson joined GAINSCO in 1998. The Company’s Board of Directors and named Executive Officers own a significant majority of the outstanding common stock.
GAINSCO’s insurance operations consist of about 400 employees with about 250 employees in its Dallas home office. A separate Miami office has approximately 80 employees; the balance of the employee population is field based across the multiple states of operation.
The automobile dealership operation, located in South Dallas, has approximately 45 employees.
Biographical Information – Glenn Anderson
Glenn Anderson has served as President, Chief Executive Officer, and Director of GAINSCO, INC. since April 1998. GAINSCO is a publicly traded property & casualty insurance company headquartered in Dallas, Texas.
Mr. Anderson has led the comprehensive repositioning of GAINSCO into a successful nonstandard personal automobile enterprise from a company that historically focused on commercial insurance. The company currently markets its nonstandard personal automobile products under the brand name GAINSCO Auto Insurance in the six states of Florida, Georgia, South Carolina, Arizona, Texas and New Mexico.
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. Mr. Anderson was the architect in building USF&G’s standard commercial middle market business; its Specialty Segments (including Financial Institutions, Municipalities, Professional Liability, Technology, Directors and Officers, Marine, and International); and its Excess and Surplus Property and Casualty Lines of business. In addition, he managed USF&G’s commercial field operations. Mr. Anderson joined USF&G in 1992 as Senior Vice President of Commercial Lines.
Previously, Mr. Anderson held vice presidential positions in commercial insurance with Fireman’s Fund Insurance. He was also Assistant to the Chairman, Mr. Jack Byrne. Mr. Anderson joined Fireman’s Fund in 1974.
A native of Norwich, Connecticut, he earned a bachelor's degree in Economics at Stanford University. Additionally, he has earned the Chartered Property and Casualty Underwriter (CPCU) designation.
Biographical Information – Robert W. Stallings
Mr. Stallings is Executive Chairman of the Board and Chief Strategic Officer of GAINSCO, INC., a property and casualty insurance company headquartered in Dallas. He is also Chairman and President of Stallings Capital Group, Inc., a Dallas-based merchant banking firm specializing in the financial services industry.
Presently, Mr. Stallings serves as a Member of the Board of Directors of Texas Capital Bank.
He is the former Chairman and founder of ING Pilgrim Capital Corporation, a firm with which he was associated since 1991, which at the time of its acquisition by The ING Group, N.V. managed over $20 billion in mutual funds, institutional investments, and retirement accounts.
Mr. Stallings previously served as Chairman, President and CEO of Express Mortgage Corp., and its predecessor WESAV Mortgage, since August 1990. He was Chairman and CEO of First Western Partners, Inc. of Scottsdale, AZ, a financial services consulting firm, from February 1990 to December 1991. From April 1998 to February 1990, Mr. Stallings served as Chairman and CEO of Western Savings and Loan Association, Phoenix, AZ. He was President and CEO of Metropolitan Financial Savings and Loan, Dallas, TX, from January 1998 to April 1989. From October 1982 to January 1988 he was the Chief Operating Officer and a Director of Murray Savings Association of Dallas, TX. Prior to that, Mr. Stallings served in executive and other positions with several Northeastern financial organizations.
Mr. Stallings was born in Malden, MO, is a veteran of the U.S. Navy, and a graduate of Johnson & Wales University in Rhode Island. He is married and has three children. His hobbies include golf, horses and race car driving.
GAINSCO/Bob Stallings Racing was a sports car racing team that competed in the Rolex Sports Car Series, United SportsCar Championship and Pirelli World Challenge. In 2018, GAINSCO became a sponsor of JDC-Miller Motorsports.
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