GAINSCO TO EXIT COMM. TRUCKING

GAINSCO has reported a third quarter loss of approximately $7.6 million. As a result, the company has concluded it will be necessary to increase estimated ultimate liabilities by approximately $10 million, primarily for commercial trucking for prior accident years. GAINSCO has decided it will cease writing non-profitable commercial trucking business that had accounted for approximately $25 million in annual premiums or about 15 percent of gross premiums written.

Topics Trucking