Zenith Reports 1Q Income Doubled Compared to 2003

Zenith National Insurance Corp. reported net income of $25.1 million for the first quarter of 2004 compared to net income of $11.7 million for the first quarter of 2003. Diluted net income per share was $1.09 for the first quarter of 2004 compared to $0.62 per share for the first quarter of 2003. Diluted net income per share for the first quarter of 2004 reflects the impact of additional shares issuable as a result of the convertibility of Zenith's 5.75% Convertible Senior Notes ("Convertible Notes"). If the Convertible Notes were convertible in the first quarter of 2003, diluted net incom...