Amwest Insurance Reports Net Profit of $1.8 Million
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Amwest Insurance Group Inc., a property and casualty insurance holding company based in Woodland Hills, reported a first-quarter net profit of $1.8 million, up more than tenfold from an $86,000 profit in the same period a year ago.
The number of premiums written by the company, which are the industry’s measure for revenue, fell to $21.4 million, down 2%, from $21.8 million a year earlier.
The latest quarterly results reflect an improved loss picture in Amwest’s property and casualty operations, due mostly to business written under the Arizona private passenger automobile program and from the company’s California transportation business.
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