Zenith Increases Quarterly Dividend by 12 Percent

Woodland Hills, Calif.-based Zenith National Insurance Corp. declared a regular quarterly cash dividend of $0.28 per share on its outstanding shares, an increase from $0.25 per share paid quarterly since the first quarter of 1991. The dividend is payable May 14, 2004 to stockholders of record at the close of business on April 30, 2004.

Commenting on the dividend increase, Stanley R. Zax, chairman and president, said, “The Board of Directors increased the dividend in recognition of our excellent results in 2003, our financial strength and our prospects for continued profitable growth.”