Amwest Insurance Group Inc. Announces Order of Supervision of Amwest Surety Insurance Co.Business Editors CALABASAS, Calif.--(BUSINESS WIRE)--May 8, 2001 Amwest Insurance Group Inc. (AMEX AMEX See: American Stock Exchange :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) ) (PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :AMW) today announced that the company has been unable to reach an agreement with its reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. on terms that would enable it to obtain necessary regulatory approval for such transaction. Consequently, Amwest Surety Insurance Co. today consented to the placement of the company under an administrative order An order covering traffic, supplies, maintenance, evacuation, personnel, and other administrative details. of supervision by the Director of Insurance for the state of Nebraska pursuant to an Order of Supervision. Supervision is an administrative order authorized pursuant to Nebraska law that enables the management to continue operating the company under the supervision of the Nebraska Director of Insurance. While in supervision, Amwest Surety Insurance Co. may not write or renew business; however, the company will continue to pay claims. The Nebraska Department of Insurance has sought the cooperation of state insurance departments and requested that such states not revoke the Certificates of Authority held by Amwest Surety Insurance Co. in each respective state. Far West Insurance Co. is not subject to the Order of Supervision. Amwest is a Calabasas-based insurance holding company operating through its subsidiaries, Amwest Surety Insurance Co. and Far West Insurance Co. Certain statements contained in this news release regard matters that are not historical facts and are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. The company undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. |
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