State Farm Mutual Automobile Insurance Company and GAINSCO, Inc. announced that they have entered into an agreement for State Farm to acquire GAINSCO for approximately $400 million in cash.
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.
GAINSCO concentrates on the non-standard personal automobile insurance market, specializing in minimum-limits personal auto insurance.
GAINSCO reported net premiums earned of $342.863 million in 2019, up from $325.619 million
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