Zenith's Zax Getting $500,000 Pay Raise

Zenith National Insurance Co. Chairman/President Stanley Zax will get a $500,000 pay raise Jan. 1.Zenith filed a form 8-K with the Securities and Exchange Commission Wednesday stating that the board of directors approved an increase in Zax's annual salary to $2.5 million from $2 million this year.Zenith reported in its latest financial filing that its net income for the first nine months of 2007 was $194.3 million, or 5.7% more than the $183.8 million earned during the first nine months of 2006. The increase came even as back-to-back reductions in the pure premium rates have caused workers...