Zenith Reports 28% Profit Gain in Fourth Quarter

Zenith National Insurance Corp. on Thursday reported net income in the fourth quarter of 2009 jumped 28.5%, to $10.8 million compared to $8.4 million in the fourth quarter of 2008.Zenith's net income for the entire year was down, however, from 2008. The Los Angeles-based workers' comp insurer reported profits of $34.4 million for the year, compared to $95.3 million in 2008."We are in excellent financial condition with low leverage, substantial liquidity and enhanced human capital," said Zenith Chairman and President Stanley Zax in a press release. "Over time, we expect recovery from th...