Amwest Insurance Group to Buy Condo Services Inc.
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Amwest Insurance Group Inc. has announced a deal to buy Condo Services Inc. in a stock transaction estimated at $17 million.
Amwest, based in Woodland Hills, is a surety bonding concern, whose business includes contract performance bonds. Richard Savage, Amwest’s chairman, said the purchase of Condo Services would broaden Amwest’s insurance business.
Condo Services is a property and casualty business specializing in commercial trucking insurance in Arizona and California. It also insures passenger cars in Arizona.
The deal is expected to close in the first quarter of 1996.
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