Amwest Insurance Group Inc. announced that it will immediately cease writing new commercial automobile policies. The decision to discontinue this product line follows the company’s plan of reorganization previously adopted by the board of directors. All remaining policies will be subject to cancellation pursuant to guidelines to be approved by regulatory authorities.
Other than administering policies in run-off, the decision to eliminate the commercial auto product line ends the company’s involvement in non-surety lines.
Charles L. Schultz, interim chief executive officer, said: “Although we are generally pleased with the progress we have made to improve results in the property & casualty division, our overall plan to reduce net writings and focus our attention on our surety business has resulted in the decision to discontinue all non-surety product lines.” Amwest is a Calabasas-based insurance holding company underwriting surety insurance through Amwest Surety Insurance Co. and Far West Insurance Co.
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