EXHIBIT 99.5

                                                         Charles L. Schultz


                                                         (818) 871-2044

                         AMWEST INSURANCE GROUP, INC.
                       ANNOUNCES ORDER OF SUPERVISION OF
                        AMWEST SURETY INSURANCE COMPANY

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         CALABASAS, CA. - May 8, 2001 - Amwest Insurance Group, Inc., (AMEX:AMW)
(PCXE:AMW) announced today that the Company has been unable to reach an
agreement with its reinsurer on terms which would enable it to obtain necessary
regulatory approval for such transaction. Consequently, Amwest Surety Insurance
Company today consented to the placement of the company under an administrative
order 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 which enables the management to continue
operating the company under the supervision of the Nebraska Director of
Insurance. While in supervision, Amwest Surety Insurance Company 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 Company in each respective state. Far
West Insurance Company is not subject to the Order of Supervision.

         Amwest is a Calabasas-based insurance holding company operating through
its subsidiaries, Amwest Surety Insurance Company and Far West Insurance
Company.

         Certain statements contained in this news release regard matters that
are not historical facts and are forward-looking statements. 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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