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Zenith National Insurance Q4 net income down

Q4 08 net income of $8.4m is reported against Q4 07 net income of $39.6m

Zenith National Insurance has reported a net income of $8.4 million, or $0.22 per share for the fourth quarter of 2008, compared to 2007 fourth quarter net income of $39.6 million, or $1.06 per share.

Net income for the year ended December 31, 2008 was $95.3 million, or $2.55 per share, compared to net income for the year ended December 31, 2007 of $233.9 million, or $6.27 per share.

Underwriting income before tax from the workers’ compensation segment was $2.9 million and $84.7 million, in the fourth quarter and year ended December 31, 2008, respectively, compared to $36.2 million and $243.8 million, in the corresponding periods of 2007.

Consolidated stockholders’ equity per share was $27.42 at December 31, 2008 compared to $28.93 at December 31, 2007. Return on average equity in 2008 was 8.9% compared to 22.9% in 2007.

Stanley Zax, chairman and president of Zenith National Insurance, said: Considering the recession and volatility of financial markets, we are encouraged by our 2008 results. Our investment portfolio reflects our philosophy of diversification and high quality assets with a focus on compounding interest over time.