Amwest Gets $12.3-Million Loan From Security Pacific

Amwest Insurance Group, a Woodland Hills underwriter of bail bonds and other surety bonds, said it borrowed $12.3 million from Security Pacific National Bank.

The four-year loan, which carries a 10.6% annual interest rate, will be used to retire $2.3 million of existing bank debt, Amwest said. The remaining $10 million will be used to bolster Amwest’s statutory capital--a measure of its net worth--thus increasing its ability to write additional insurance, the company said.