Amwest Insurance Group Trims 50 Workers

Calabasas-based Amwest Insurance Group Inc. has cut its payroll by 50 people, or about 10%, through a combination of layoffs and attrition, the company said. The moves, which took place earlier this month, were part of an effort to boost profitability for the company, which saw net income drop from $6.27 million in 1998 to $440,000 last year. The company, which provides performance bonds and financial guarantees, closed branch offices in St. Louis and Pittsburgh and reduced staff at other field offices and at the corporate headquarters. Neil Pont, executive vice president, said 30 people were laid off and 20 more positions were cut by attrition. Shares were unchanged at $5.25 on the American Stock Exchange.