Zenith Sells Home Building Unit, Makes $7M

Zenith National Insurance Corp. (NYSE:ZNT) announced yesterday the closing of the sale of its real estate assets and home-building business in Las Vegas, Nevada to Meritage Corporation. Zenith reported earlier that same day that it had entered into a definitive agreement with Meritage for the sale of its real estate assets and home-building business in Las Vegas, Nevada. Zenith received approximately $65 million in connection with the sale, including $28 million in repayment of intercompany loans from its home-building subsidiary. Zenith estimates that it will record a gain on the sale in th...