Amwest Acquires Western States Bond Agency Inc.CALABASAS, Calif.--(BUSINESS WIRE)--Aug. 7, 1997--Amwest Insurance Group Inc. Thursday announced that it has reached an agreement to acquire Western States Bond Agency Inc., a Denver-based insurance agency specializing in surety bonds. In 1996, Western States wrote surety premiums of approximately $4 million. Under the terms of the merger agreement, Western States Bond Agency will become part of the operations of Amwest's Far West Bond Services subsidiary. All employees of Western States will be retained, and will move to Far West's Denver branch office located in Lakewood, Colo. Tom Sauer, president of Western States, will join Far West as director of strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. . He will be assisted by Terry Dreiling, vice president of Western States, who will become manager of Far West Bond Services' Denver branch. Western States Bond Agency has operated in Colorado, Wyoming, Montana, Utah, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). and South Dakota South Dakota (dəkō`tə), state in the N central United States. It is bordered by North Dakota (N), Minnesota and Iowa (E), Nebraska (S), and Wyoming and Montana (W). , and has been an Amwest General Agent for the past several months. Far West's Denver branch serves surety producers in the same states within the region, making the merger a logical move. "We're excited about this merger," said John E. Savage, president of Amwest. "For the clients and employees of Western States Bond Agency Inc., operations will continue as they have in the past. Our goal is to build on Western State's excellent work, and provide the many resources Far West Bond services can offer to our new employees and clients throughout the Rocky Mountain and northern plains regions of the country." Amwest Insurance Group is a Calabasas-based insurance holding company underwriting specialty property and casualty insurance through Amwest Surety Insurance Co., Condor Insurance Co. and Far West Insurance Co. Its Far West Bond Services subsidiary specializes in providing surety bonds for independent insurance agents and their clients through 22 offices nationwide. Founded in 1970, Amwest is publicly traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :AMW AMW America's Most Wanted (TV show) AMW Air Mobility Wing AMW Amphibious Warfare AMW Ask Me Why (Beatles song) AMW Angewandte Medienwissenschaft (German: Applied Media Studies) ), is Treasury-listed, and rated "A-" (Excellent) by A.M. Best Co. CONTACT: Amwest Insurance Co. Steven R. Kay, 818/871-3501 E-mail: amwestpr@aol.com |
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