Amwest Insurance Posts 15% Rise in Net Income

Amwest Insurance Group Inc. reported a 15% rise in its first-quarter net income on a 36% rise in its revenues.

For the quarter that ended March 31, Amwest posted net income of $2.1 million, up from $1.8 million in the same period a year earlier. Amwest’s gross premiums written, the insurance equivalent of revenues, were $29.3 million in the latest quarter, up from $21.6 million a year earlier.

The company attributed part of its improved results to a 44% increase in its surety division’s written premiums.

Amwest, headquartered in Calabasas, writes specialty property and casualty insurance.