Amwest Earnings Double on Investment Gains

Amwest Insurance Group Inc. reported its earnings more than doubled in the first quarter due to investment gains.

The Woodland Hills-based insurer, which specializes in surety bonds--such as bail and contract-performance bonds--had a profit of $1.23 million in the three months that ended March 31. A year earlier, it earned $586,000.

However, Amwest’s net premiums earned--roughly equivalent to revenues--declined 3% in the latest quarter, to $11.9 million from $12.3 million. The company said the decrease was because of fewer premiums written in most major product lines.