Amwest Improves Profit, Stems Losses in Quarter

Amwest Insurance Group Inc. reported a 51% increase in profit and a 4% gain in net premiums earned in the third quarter that ended Sept. 30.

Amwest’s third-quarter net income was $1.19 million, compared with a profit of $787,000 a year earlier. Its net premiums written rose to $22.2 million from $21.3 million.

Based in Woodland Hills, Amwest is a property and casualty insurance holding company.

The latest quarterly results reflect an improved loss picture in Amwest’s surety operations, mostly because there were none of the large losses from contractor-work programs that hurt the company in the first six months of the year.

In the latest nine-month period, Amwest had a net loss of $35,000, in contrast with a $3.73-million profit a year before. Its net premiums earned for the nine months were $65.6 million, up 3% from $63.7 million in the comparable period in 1995.