Zenith Revises Loss Estimates; No Change in Rating

Zenith National Insurance Corp. (BBB-/Neg; Zenith) has revised the estimate of its insured losses related to the Sept. 11, 2001 attacks on the U.S since that estimate was published 10/18/01. The new pre-tax estimate is $35.5 million, both gross and net of reinsurance recoverable, which is more than twice as high as the company's initial estimate of $15 million before taxes (see story reported 10/19/01). However, management believes after applying assumed reinsurance and reinstatement premiums, the ultimate loss the company will incur will be about $10 million after taxes. Standard & Poor's h...