Fitch Rates Zenith Notes 'BBB-', But 'A-' Strength

Fitch Ratings has assigned a 'BBB-' rating to Zenith National Insurance Corp.'s (Zenith National) $110 million private offering of convertible senior notes. Fitch has also affirmed Zenith National's long-term issuer rating of 'BBB-' and the 'BB+' rating of Zenith National Insurance Capital Trust I securities. In addition, Fitch has affirmed the 'A-' insurer financial strength ratings of Zenith National's three insurance subsidiaries, Zenith Insurance Company (Zenith Insurance), ZNAT Insurance Company and Zenith Star Insurance Company. The Rating Outlook has been revised to Negative from Stable...