State Farm to acquire GAINSCO for $400m.

State Farm Mutual Automobile Insurance, a property and casualty insurance provider, agreed to acquire GAINSCO, a provider of personal auto insurance policies, for $400m. “We believe this acquisition positions both our company and GAINSCO well for future growth. Because of our competitive value, broad line of products, and exceptional customer service from our employees and 19,200 State Farm independent contractor agents, customers have made us the largest property and casualty insurer for several decades. We are excited for the opportunity State Farm agents will have to serve a market that has historically not been open to them. This will help us further toward our goal of serving more customers in more ways,” Michael Tipsord, State Farm President, Chairman, and CEO.