Zenith Reports Dip in Q3 Earnings

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Zenith National Insurance Corp. reported an 11 percent dip in third-quarter earnings Monday afternoon due a slip in net premiums earned.


Zenith reported net income of $65 million ($1.73 per share), down from $72 million ($1.94) for the same period a year earlier. Even with the decline, Zenith still beat Wall Street’s expectations of $1.67 per share, according to a poll by Thomson Financial.


Net premiums for the Woodland Hills-based workers’ compensation insurance provider fell 20 percent to $185 million due to a steep decline in net premiums earned due to a 26 percent drop in workers’ compensation net premiums earned in California. Workers’ compensation net premiums earned outside of the state also declined 9 percent when compared to last year, the company said.


Shares in Zenith closed down 1 percent to $43.54 Monday on trading on the New York Stock Exchange.

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