Zenith Announces Private Placement Raising $25M

Zenith National Insurance Corp. (NYSE: ZNT) announced yesterday that it has completed a previously announced private placement from treasury of 1,000,000 shares of its common stock, par value $1 per share, at a price of $25 per share. The purchaser was Odyssey Reinsurance Corporation, an indirect subsidiary of Fairfax Financial Holdings Limited ('Fairfax'). Fairfax and its affiliates now own approximately 42% of Zenith's outstanding common stock. The proceeds from this placement will be used to increase cash, short term investments and marketable securities and will be available for general c...