Zenith Nat’l Reports 1stQ Results

May 1, 2003

Woodland Hills, Calif.-based Zenith National Insurance Corp. reported net income of $11.7 million, or $0.62 per share, for the first quarter of 2003 compared to net income of $2.8 million, or $0.15 per share, for the first quarter of 2002.

Gross workers’ compensation premiums written increased about 59 percent in the first quarter of 2003 compared to the first quarter of the prior year. In California, gross workers’ compensation premiums written increased about 91 percent in the first quarter of 2003 compared to the first quarter of the prior year.

The combined ratio for the property-casualty insurance operations was 96.4 percent for the three months ended March 31, 2003 compared to 104.5 percent for the three months ended March 31, 2002 and 106.5 percent for the year ended Dec. 31, 2002. The combined ratio for the workers’ comp operations for the three months ended March 31, 2003 was 97.5 percent compared to 106.8 percent for the three months ended March 31, 2002 and 108.7 percent for the year ended Dec. 31, 2002. The accident year combined ratio for the workers’ comp operations was about 103.2 percent for 2002.

Book values per share at March 31, 2003 and Dec. 31, 2002 were $17.33 and $16.89, respectively.

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