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GAINSCO INCREASES EARNINGS GOALS AND ANNOUNCES THE COMMENCEMENT OF COST SAVING MEASURES IN ITS SOFTWARE SUBSIDIARY

 GAINSCO INCREASES EARNINGS GOALS AND ANNOUNCES THE COMMENCEMENT
 OF COST SAVING MEASURES IN ITS SOFTWARE SUBSIDIARY
 FORT WORTH, Texas, June 16 /PRNewswire/ -- GAINSCO, INC. (AMEX: GNA) announced that its goal for gross premiums written in 1992 has been increased to an $84-88 million range and its goal for the combined ratio has been decreased to an 83-85 percent range. Both of these favorable revisions will result in an increase in GAINSCO's goal for return on beginning equity to a 25-27.5 percent range.
 Commenting on the changes, Joseph D. Macchia, chairman of the board, president and chief executive officer, stated, "We are continuing to record significant increases in gross writings and favorable loss ratio development. As a consequence, we are making an upward revision in our earnings goals for 1992."
 The company also announced that following its periodic review of the operations and business prospects of Agents Processing Systems, Inc. (APS), its software subsidiary, a decision was made to terminate an outsourcing agreement between APS and Shared Resource Management of MN, Inc. The termination, effective Sept. 8, 1992, will have no adverse financial impact on GAINSCO.
 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- 6/16/92
 /CONTACT: Joseph D. Macchia, president of GAINSCO, 817-336-2500, or Lynn Morgan or Michele Katz of Morgen-Walke Associates, 212-986-5900, for GAINSCO/
 (GNA) CO: Gainsco, Inc. ST: Texas IN: INS SU:


AH -- NY004 -- 0469 06/16/92 08:01 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
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