Zenith Net Income Plunges as Combined Ratio Jumps Higher

Zenith National Insurance Corp.'s net revenues plunged during the fourth quarter of 2008 to less than a quarter of its profits in the same period last year, in the face of declining workers' compensation premium income and a combined ratio that jumped to 115% in accident year 2008 from 85% in the prior year.The carrier, based in Woodland Hills, Calif., reported net income of $8.4 million during the fourth quarter, down from $39.6 million during the fourth quarter of 2007. Net income for the full year was $95.3 million, compared to $233.9 million in 2007.“Considering the recession...