Zenith National Insurance Corp. (ZNT), Zenith Capital Trust I, and the members
of the Zenith National Insurance Group Intercompany Pool had their ratings lowered by Standard & Poor’s. The outlook is negative.
ZNT is primarily an insurance holding company with ZNIG as its major operating unit. ZNIG mainly writes workers’ compensation insurance, as well as worldwide property catastrophe reinsurance.
ZNIG was able to post a modest profit in the first quarter of 2001 before taxes and policyholders’ dividends; however, competition in California could stay heavy enough to prevent a return to adequate earnings. If ZNT and ZNIG fail to post the break-even to modestly profitable results in 2001 that S&P expects, or if they fail to show significant improvement in 2002, S&Psmight lower the ratings further.
Was this article valuable?
Here are more articles you may enjoy.
Owner of Historic Minnesota Resort Charged With Arson, Insurance Fraud 
Florida Jury Returns $779M Verdict for Family of Security Guard Killed at Gambling Cafe 
Hartford: 10-Year Analysis Shows Shifts in Common, Expensive Small-Business Claims 
California Again Delays Wildfire Protection Rules for Homes From This Issue
