Zenith's Net Income Down, but Loss Development Rosy

Zenith National Insurance on Tuesday reported a 35% decline in net income, largely spurred by a decline in premium revenue because of increased competition and lower rates in its primary markets, California and Florida.Zenith reported net income for the first quarter 2008 of $41.9 million, or $1.12 per share, compared to net income of $64.5 million, or $1.73 per share, for the first quarter of 2007.  Workers’ compensation net premiums earned decreased 18.1% in the first quarter of 2008 compared to the corresponding period of 2007, with California workers’ compensation net prem...