Zenith Net Income Drops, Combined Ratio Climbs

Zenith National Insurance Corp.'s net income plummeted in the first quarter of 2009, but its combined ratio skyrocketed, according to a financial report filed with the Securities and Exchange Commission on Tuesday.The Los Angeles-based carrier reported net income of $2.6 million in the first quarter, compared to $41.9 million in the first quarter of 2008. Its combined ratio jumped to 119.7% during the quarter, up from 87.8% in the same quarter last year.Zenith said that expenses related to staff reductions during the first-quarter added 4.2 points to its combined ratio, which would have be...