Amwest Surety to Acquire Portland Insurance Agency

Amwest Surety Insurance Group Inc., a Woodland Hills provider of surety bonds, said it has agreed to acquire The Bond Experts, a Portland, Ore.-based insurance agency specializing in surety bonds.

Terms were not disclosed.

Surety bonds guarantee the completion of specific tasks or projects, such as construction projects. Amwest also guarantees the performance of small- and medium-sized businesses and issues bail bonds.

The Bond Experts wrote approximately $3.5 million in surety premiums last year through several carriers, including Amwest. Amwest wrote more than $50 million in premiums in 1992.

Amwest said The Bond Experts would strengthen its market position in the Northwest. The acquisition is expected to be completed by Wednesday.