Amwest Insurance Posts Profit of $1.3 Million

Woodland Hills-based Amwest Insurance Group Inc., which specializes in surety bonds, posted a 51% increase in its third-quarter net income after premiums written increased 20%.

Amwest said its profit for the period ended Sept. 30 amounted to $1.3 million, compared to $841,000 in the year-earlier quarter. Premiums written--a figure comparable to revenues--climbed to $16.1 million from $13.4 million a year ago.

For the nine months, Amwest’s net income increased 7%, to $2.6 million from $2.4 million a year earlier. Premiums written rose 9%, to $43 million from $39.5 million.