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GAINSCO'S JOE MACCHIA NAMED ENTREPRENEUR OF THE YEAR FOR SOUTHWEST REGION

 GAINSCO'S JOE MACCHIA NAMED ENTREPRENEUR OF THE YEAR
 FOR SOUTHWEST REGION
 FORT WORTH, Texas, June 24 /PRNewswire/ -- GAINSCO, Inc. (AMEX: GNA) announced today that Joseph Macchia, chairman, president and chief executive officer of GAINSCO has been selected as "Entrepreneur of the Year" for the Southwest region.
 The "Entrepreneur of the Year Award" is a national program sponsored by Inc. Magazine, Ernst and Young and Merrill Lynch to recognize entrepreneurial accomplishment throughout the country. Macchia is one of the 11 regional winners that will be considered for the national award.
 Macchia, 57, is the founder of GAINSCO and has served as chairman of the board, president and chief executive officer since its formation in 1978. Macchia has been engaged in the property and casualty insurance business since 1961.
 GAINSCO, Inc. is a vertically integrated property and casualty insurance company specializing in underwriting and marketing excess and surplus lines. In fiscal 1991, GAINSCO reported record net sales of $68 million and record net income of $8.5 million. The company has reported increases in net income of 20 percent or more in each of the last seven years, with net income up 30 percent in 1991.
 Macchia and his wife and family reside in Fort Worth, Texas. He is actively involved in numerous civic organizations including the United Way, American Red Cross and the Fort Worth Chamber of Commerce.
 Macchia said, "It is with great pride and distinction that I accept this cherished award on behalf of all GAINSCO employees whose successful accomplishments made this award possible."
 GAINSCO, Inc. is a vertically integrated property and casualty insurance company specializing in underwriting and marketing excess and surplus lines. The company's subsidiaries include General Agents Insurance Company of America, Inc., an Oklahoma corporation; General Agents Premium Finance Company, which offers premium financing programs for general agents in connection with their marketing activities; Agents Processing Systems, Inc., which markets a computer software policy management system to general agents; and Risk Retention Administrators, Inc., which assists managing general agents in forming and operating risk retention groups. In addition, General Agents Insurance Company of America, Inc. operates a wholly-owned subsidiary, MGA Insurance Company, Inc., which is the sole owner of MGA Agency, Inc., the company's marketing arm.
 -0- 6/24/92
 /CONTACT: Joseph D. Macchia, president of GAINSCO, 817-336-2500, or Lynn Morgen or Michele Katz of Morgen-Walke Associates, 212-986-5900, for GAINSCO/
 (GNA) CO: GAINSCO, Inc. ST: Texas IN: INS SU:


TQ-OS -- NY018 -- 3233 06/24/92 11:01 EDT
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Publication:PR Newswire
Date:Jun 24, 1992
Words:412
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