Gainsco, a company engaged in the property and casualty insurance business, has reported a net loss and net loss available to common shareholders for the 2007 fourth quarter of $11 million, or $0.44 per common share, basic and diluted, compared to 2006 fourth quarter net income and net income available to common shareholders of $5.1 million, or $0.21 per common share, basic and diluted.

Gross premiums written during the quarter were approximately 17% below gross premiums written in the comparable period during 2006.

Net loss and net loss available to common shareholders for the 12 months ended December 31, 2007 was $18.6 million, or $0.74 per common share, basic and diluted as against the net income of $11.4 million and net income available to common shareholders of $9.6 million for the year 2006, or $0.43 per common share, basic and diluted.