DALLAS, Dec. 7, 2012 /PRNewswire/ -- GAINSCO, INC.
(the "Company") (Pink Sheets: GANS) today announced that its board
of directors approved a special cash dividend of $1 per share. The special dividend will be
payable on December 27, 2012 to
shareholders of record on December 18,
2012.
The Company believes that, at its current size, it has more than
adequate capital to support its insurance operations, and that it
is appropriate to return some capital to shareholders through a
special cash dividend.
GAINSCO, INC. is a Dallas,
Texas-based holding company established in 1978. 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 Florida, Georgia, South
Carolina and Virginia
(early 2013) {Southeast Region} and in Arizona, New
Mexico, Oklahoma and
Texas {Southwest Region}.
Its insurance company subsidiary is MGA Insurance Company, Inc.
SOURCE GAINSCO, INC.