Amwest Insurance Posts 8% Decline in Profits
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Amwest Insurance Group Inc., a Woodland Hills-based firm that specializes in surety bonds, said its first-quarter profit declined 8% from a year earlier, although premiums written increased 18%.
For the three months ended March 31, Amwest posted a profit of $1.13 million, down from $1.23 million in the comparable period a year earlier. However, last year’s figure included $1.26 million in investment gains, whereas in the latest quarter the company had a net investment loss of $103,000.
In the latest quarter, premiums written, a figure comparable to revenue, surged to $14 million from $11.9 million a year earlier.
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