Amwest Income Doubles Because of Investments
Amwest Insurance Group Inc. saw its net income more than double in its third quarter, in large part because of investments, while its revenue fell 7%.
The Woodland Hills-based insurance company, which specializes in surety bonds, posted net income of $1.04 million in its latest quarter, compared to $376,000 in net income a year earlier. Premiums written, the industry equivalent of revenue, was $18.6 million in the quarter that ended Sept. 30, down from $20.1 million in the same period a year earlier.
For nine months, Amwest saw its net income jump 60% to $2.94 million, up from $1.83 million a year earlier. Premiums written climbed 1% to $54.1 million, up from $53.7 million a year ago.