Zenith Ratings Lowered by S&P - Negative Outlook

Standard & Poor's has lowered various ratings on Zenith National Insurance Corp. (ZNT), Zenith Capital Trust I, and the members of the Zenith National Insurance Group Intercompany Pool (ZNIG; see list) with a negative outlook. ZNT is primarily an insurance holding company whose major operating unit is ZNIG. ZNIG is mainly a writer of workers' compensation insurance accounting for 85%-90% of total premium. The major rating factors according to S&P: -- ZNIG has operated successfully as a workers' compensation insurer (primarily in California until 1998) for more than 20 years. Reinsurance ...