Standard & Poor's Ratings Services said yesterday that it revised its outlook on Zenith National Insurance Corp. (Zenith) and its subsidiaries to negative from stable after Zenith's announcement on Jan. 20, 2003, that it has increased its workers' compensation reserves by 4.5% ($30 million; $19.5 million after taxes) and its Feb. 4, 2003, announcement that, as a result, it has posted a net after-tax loss of $7.8 million for the fourth quarter of 2002.
Zenith is a holding company. Through its subsidiaries, principally Zenith Insurance Co., Zenith writes workers' compensation insurance. The re...
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