Amwest Reports Drop in Quarterly Profit to $927,000

Amwest Insurance Group Inc. reported an 18% decline in earnings for the first quarter while its premiums written, the industry’s measure of revenue, grew 7% during the period ended March 31.

The Woodland Hills surety bond company had first-quarter profits of $927,000 compared to $1.1 million in the first quarter of 1994. Premiums written totaled $16.2 million, up from $15.2 million a year earlier.

In reporting the results, the company noted that its quarterly loss and loss adjustment expenses soared 97% to $5.3 million from $2.7 million during the year-earlier period.