Amwest Insurance Group has agreed with its reinsurers to provide multi-year quota share reinsurance covering all inforce surety bonds at Dec. 31, 2000, and for prospective surety business.
The agreement is subject to approval by the Nebraska Department of Insurance. Charles L. Schultz, interim chief executive officer, said the company believes the reinsurance program will more properly reflect the operations of the restructured company.
“We will immediately seek regulatory approval from the Nebraska Department of Insurance and, while no assurances can be given, we believe this reinsurance program will be viewed favorably by the regulators and other important constituencies such as A.M. Best Company,” he said.
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