What Is Going On With GAINSCO Insurance?

BLOOMINGTON, Ill., December 31, 2020 – In September, State Farm Mutual Automobile Insurance Company announced an agreement to acquire non-standard auto insurer GAINSCO for approximately $400 million in cash. The transaction closed on Dec. 31.

Is GAINSCO out of business?

GAINSCO will continue to operate as a separate company and brand with continued focus on its current objectives. Over time, the parties expect to provide state farm agents the opportunity to distribute GAINSCO products in addition to State Farm products and services.

Is GAINSCO insurance legit?

Full Review Headquartered in Dallas, Gainsco specializes in nonstandard auto insurance for high-risk drivers It sells policies through comparison websites and a network of independent agents in the states it services. Gainsco was acquired by State Farm, the largest auto insurer in the country, in late 2020.

Is MGA and GAINSCO the same company?

GAINSCO’s insurance company subsidiary is MGA Insurance Company, Inc. , which sells auto insurance policies under its brand name, GAINSCO Auto Insurance®.

Who bought GAINSCO?

BLOOMINGTON, Ill., December 31, 2020 – In September, State Farm Mutual Automobile Insurance Company announced an agreement to acquire non-standard auto insurer GAINSCO for approximately $400 million in cash.

Who bought out State Farm insurance?

Levis, Quebec, November 21, 2017 — In January 2015, Desjardins Group the leading cooperative financial group in Canada with over $276 billion in assets completed the purchase of State Farm Canadian property and casualty and life insurance operations, as well as its mutual fund, loan and living benefits companies.

Does gainsco have a grace period?

If the appropriate renewal payment is not paid and mailed (U.S. Postal Postmark) by the expiration date of the six-month policy term, coverage will expire on the final day (expiration date) of the current policy term ( there is no grace period ).

Does gainsco have an app?

Using the GAINSCO Quick Estimate App is fast and easy! It allows you to quickly upload the photos of your damaged vehicle and receive an estimate for your claim. The App guides you through the process in just a few simple steps. Get the GAINSCO Quick Estimate App today!.

How do I cancel my gainsco policy?

If you have any questions or need help, text HELP to (52928), or call 1-866-GAINSCO. To stop receiving text messages, text STOP, STOP ALL, END, QUIT, CANCEL, UNSUBSCRIBE, or ARRET to (52928).

What states does GAINSCO operate in?

GAINSCO, founded in 1978, specializes in minimum-limits personal auto coverage and actively distributes its nonstandard personal auto products through independent retail agents in Arizona, Florida, Georgia, New Mexico, Oklahoma, south carolina, Tennessee, Texas, Utah, Virginia, Ohio and Alabama.

Is GAINSCO in Georgia?

GAINSCO sells our insurance policies through a network of independent agent partners and web marketplaces in the states of Utah, Arizona, New Mexico, Texas, Oklahoma, Tennessee, Virginia, South Carolina, Georgia, Florida, Alabama, Ohio, Indiana, Arkansas, Illinois, Missouri, Wisconsin, and Mississippi.

Is GAINSCO publicly traded?

Gainsco is a publicly held company , though one that does not report earnings to the U.S. Securities and Exchange Commission.

What is MGA auto insurance?

Managing General Agent (MGA), a specialized type of insurance agent/broker that, unlike traditional agents/brokers, is vested with underwriting authority from an insurer.

Is Dairyland a good insurance?

Dairyland provides auto, motorcycle and off-road insurance to drivers around the country. The company offers fairly standard coverage options; however, its customer satisfaction ratings are subpar Dairyland’s insurance rates are also significantly higher than its competitors, making it a poor choice for most drivers.

What is the oldest insurance company?

1710 Charles Povey formed the Sun , the oldest insurance company in existence which still conducts business in its own name. It is the forerunner of the Royal & Sun Alliance Group. 1735 The Friendly Society, the first insurance company in the United States, was established in Charleston, South Carolina.

Who is Jake from State Farm?

Who Was The Original ‘Jake From State Farm’ Actor? The original man cast as Jake from State Farm is Jake Stone , an actual State Farm insurance agent who worked in Bloomington, Illinois. In March 2011, his roommate (a fellow State Farm employee) mentioned a casting call for the company’s upcoming advertising spots.