Amwest Insurance Profit Drops to $114,000

Amwest Insurance Group Inc., a Woodland Hills-based insurer that specializes in surety bonds, said its second-quarter profit fell to $114,000, from $1 million a year earlier.

The lower profit for the quarter ended June 30 was due mostly to an 11% drop in net premiums earned, to $11.8 million from $13.2 million a year earlier. Net premium is similar to revenue. Amwest said it also incurred an extraordinary loss of $249,000 in the second quarter because of expenses related to refinancing of debt.

For the six months ended June 30, Amwest posted a 16% decline in profit, to $1.34 million from $1.6 million a year earlier. Net premiums earned for the first half of the year was $23.7 million, down 7% from $25.5 million.