Zenith Estimates Hurricane Losses at $10M-$12M

Zenith National Insurance Corp. (NYSE:ZNT) yesterday announced its initial estimate of aggregate losses in its assumed reinsurance business attributable to Hurricanes Charley, Frances, Ivan and Jeanne. Zenith currently expects its net after tax loss in the third quarter from these four hurricanes to be in the range of $10 million to $12 million or $0.41 to $0.49 per diluted share. This initial estimate is subject to substantial uncertainty because of the rapid succession of the four storms and is based on a preliminary review of Zenith's assumed reinsurance contracts and preliminary in...