Gainsco, a Texas-based insurance company, has reported total revenues of $44.8m for the first quarter of 2010, a decrese of 11.5% compared to $50.6m for the same quarter in 2009.

The company’s gross premiums written for the first quarter were $44.4m compared to $53.1m for the same period last year. The company posted net premiums earned of $39.7m for the first quarter of 2010 compared to $45.9m for the same quarter in 2009.

The company posted net income of $1.9 million, or $0.39 per common share, for the first quarter of 2010, compared to the net income of $2m, or $0.43 per common share, for the same quarter of 2009.