Zenith National’s Profit Falls 35% in 1st Quarter
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Zenith National Insurance Corp. reported a 35% drop in its first-quarter profit because of the Northridge earthquake in January and a lower level of investment gains.
The Woodland Hills property, casualty and workers’ compensation insurer said its net income in the three months that ended March 31 was $8.2 million, compared with a $12.6-million profit a year ago. Its revenue slipped 3% from $143.3 million to $138.3 million.
Zenith said its losses from the earthquake totaled $9.1 million, including $2 million in damage to its headquarters office building.
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