Amwest Buys Insurance Agency in Louisiana

Amwest Surety Insurance Co., a Woodland Hills company specializing in surety bonds, has acquired Basic Bonding of Louisiana Inc. for undisclosed terms.

Basic Bonding is a Baton Rouge, La.-based insurance agency specializing in surety bonds. Its annual written premiums are about $2.5 million, and Amwest said the ultimate purchase price will depend on Basic Bonding’s future financial performance. The acquisition will strengthen Amwest’s market position in Louisiana, Mississippi and southern Alabama, the company said.

Surety bonds guarantee the performance of a contract.