Texas-based insurance company Gainsco Inc. is blaming "severe claims experience" in its trucking business for a $10.8 million fourth quarter loss.
The company began exiting the commercial truck market late last year and recently announced new agreements with reinsurers to "further mitigate" the trucking problem.
Net premiums for the fourth quarter were $4 million versus $34.7 million. The deline is the result of ceding approximately $28.2 million of premiums, including 100 percent of the commercial trucking business, to reinsurers. Fourth quarter 1999 profits were $1.8 million. Net premiums for the full year were $118.8 million versus $131.1 million in 1999. Net income for the year was $1.6 million versus $7 million in 1999.
The company began exiting the commercial truck market late last year and recently announced new agreements with reinsurers to "further mitigate" the trucking problem.
Net premiums for the fourth quarter were $4 million versus $34.7 million. The deline is the result of ceding approximately $28.2 million of premiums, including 100 percent of the commercial trucking business, to reinsurers. Fourth quarter 1999 profits were $1.8 million. Net premiums for the full year were $118.8 million versus $131.1 million in 1999. Net income for the year was $1.6 million versus $7 million in 1999.
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