Zenith National Insurance Corp. on Thursday reported a 47% drop in fourth-quarter net income as increasing competition and lower rates put the squeeze on its post-reform bounce in earnings.Zenith reported profits of $39.6 million in the fourth quarter of 2007, compared to $74.9 million during the same period last year. Per-share earnings dipped to $1.06 from $2.01.Full-year results also showed a profit decline. Zenith reported net income of $233.9 million in 2007, down 9.6% from the $258.7 in 2006.“Considering the competitive environment and the low level of interest rates, TheZenith ach...
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