SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 14 1996
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Amwest Insurance Group, Inc.
(Exact name of Registrant as specified in its charter)
Delaware 1-9580 95-2672141
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File number) Identification No.)
6320 Canoga Avenue, Suite 300, Woodland Hills, California 91367
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (818)704-1111
This document contains a total of 4 pages. The
exhibit index begins on Page 3.
Page 1 of 4 Pages
<PAGE>
ITEM 5. Other Events.
On March 14, 1996, the Registrant announced the completion of
the merger of Condor Services, Inc. into Amwest, following approval of
the terms of the transaction by the stockholders of each of the two
companies.
A copy of the press release dated March 14, 1996, announcing
the above is attached hereto as Exhibit 99-1.
ITEM 7. Financial Statements and Exhibits
The following is furnished as an Exhibit to this report:
99-1 Press Release of Registrant dated March 14, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
AMWEST INSURANCE GROUP, INC.
Dated: March 19, 1996 By:/s/ STEVEN R. KAY
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Steven R. Kay
Senior Vice President
Chief Financial Officer
Page 2 of 4 Pages
<PAGE>
INDEX OF EXHIBITS
Exhibit Sequentially
Number Description Numbered Page (*)
99-1 Press Release of Registrant dated 4
March 19, 1996.
(*) This information appears only in the manually signed
original of this Current Report on Form 8-K.
Page 3 of 4 Pages
AMWEST INSURANCE GROUP, INC.
AND
CONDOR SERVICES, INC.
ANNOUNCE COMPLETION OF MERGER
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WOODLAND HILLS, CA - March 14, 1996 -- Amwest Insurance Group, Inc.
(AMEX, PSE - AMW) announced today the completion of the merger of Condor
Services, Inc. (formerly NASDAQ - COND) into Amwest, following approval of the
terms of the transaction by the stockholders of each of the two companies at
meetings held earlier this morning. Under the terms of the merger agreement,
each outstanding share of Condor common stock has been exchanged for 0.5 shares
of Amwest common stock. The merger has a total equity value of approximately
$13,200,000 based on the issuance of approximately 951,000 Amwest shares at $13
7/8 per Amwest share. Giving effect to the merger, Amwest now has 3,320,000
shares outstanding.
Richard Savage, Chairman and Chief Executive Officer of Amwest stated: "The
addition of Condor to the Amwest Group represents an excellent opportunity for
us to expand our services beyond the surety market and is an important strategic
step for both companies. For Amwest, the merger reduces the company's reliance
on the public construction markets and allows us to pursue more diverse
opportunities in the property/casualty business through a tightly focused
company specializing in commercial and private passenger transportation
programs. For Condor, the merger helps to provide sufficient capital and
corporate infrastructure to expand its programs more rapidly than would have
been possible as a separate entity."
Condor's Chairman, Guy Main stated: "We are delighted with the transaction.
We believe that the combination of Amwest and Condor is in the best interests of
our stockholders, employees and customers. Surplus constraints and the
additional costs of being a public company have reduced our ability to expand
our transportation programs beyond our current customer base. We believe that
Amwest's additional resources will allow Condor to profitably increase our
underwriting capacity in the future. Further, I am personally excited about
joining the Amwest Group and look forward to working with the Amwest team to
help us achieve superior results in the years to come."
Amwest's board and executive officers will continue to serve in the same
capacities for the combined companies. Mr. Main has joined Amwest as an
Executive Vice President and a member of the Amwest board, and will continue to
serve as Chief Executive Officer and President of Condor Insurance Company.
Amwest is a Woodland Hills, California based insurance holding company,
specializing in surety bonds, including contract performance, court, contractors
license and sales tax bonds.
Prior to the completion of the merger, Condor was an insurance holding
company, which, through its two operating subsidiaries, Condor Insurance Company
and Raven Claims Services, Inc., provided certain property and casualty
insurance coverages and services primarily to specialized segments of the
trucking industry in California and Arizona and private passenger automotive
coverages in Arizona. Condor Insurance Company and Raven Claims Services, Inc.
will continue their respective businesses as subsidiaries of Amwest.
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