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Amwest Insurance to Cut Work Force, Close Branches

February 08, 2001|Reuters

Insurance holding company Amwest Insurance Group Inc. said it will reduce its work force by 26% and close an undisclosed number of branches, scaling back operations as it negotiates with creditors. The Calabasas-based company, which underwrites surety bonds nationally and commercial car insurance in California, will take a charge in the current quarter in connection with the restructuring and will "focus on smaller, more specialized surety accounts," it said in a release. Amwest's work force will be reduced from 347 to about 255 by branch closings, and its business will be concentrated in five regional offices in California, Illinois, Texas and New York. Its stock rose 5 cents to close at $1 on the American Stock Exchange.

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