Amwest Reports Net Tripled in 3rd Quarter
A big boost in investment income and reductions in underwriting losses led the Calabasas-based Amwest Insurance Group to triple its earnings in the 1998 third quarter, compared with the year-ago period.
Net income for the period that ended Sept. 30 was nearly $2.1 million, or 53 cents per diluted share, against $685,000, or 18 cents per diluted share, for the 1997 period.
Underwriting losses dropped from $1.3 million in the 1997 third quarter to $214,000 for the same period this year.
At the same time, realized gains from investments grew to $1.9 million this quarter from $1 million in the year-ago period.
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