Amwest Insurance Group Reports Drop in Profit

Amwest Insurance Group Inc., an underwriter of bail bonds and other surety products, reported a 43% decline in fourth-quarter profits, to $1 million from $1.75 million a year earlier.

The Woodland Hills-based concern said the lower earnings came on little change in its net premiums earned--an industry measure of underwriting revenue--to $12.5 million in the quarter ended Dec. 31 from $12.4 million a year earlier.

Amwest said the lower profit partly reflected losses on certain lines of surety that the company has since discontinued. For all of 1991, Amwest’s profit fell 32%, to $3.49 million from $5.16 million the previous year, and its annual net premiums earned edged up 4%, to $48.5 million from $46.9 million.