Amwest Insurance Reports Drop in Quarter’s Profits
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Amwest Insurance Group Inc. posted a dramatic decline in its first-quarter profits, in part because of the expense of a recent acquisition.
The Woodland Hills-based surety bonding company posted net income of $86,000 for the period that ended March 31, compared to a $1.26-million profit a year earlier. Amwest’s gross premiums written rose 6% in the most recent quarter to $23.2 million, up from $21.8 million a year ago.
In March, Amwest completed its acquisition of Condor Services Inc. Amwest’s first-quarter results included a one-time, $710,000 charge for expenses related to the Condor deal.
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