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Zenith National Releases Second Quarter Results

Has reported a net income of $1.8 million

Zenith National Insurance has reported a net income for the second quarter of 2009 of $1.8 million, or $0.05 per share, compared to net income of $28.4 million, or $0.76 per share for Q2, 2008,

The net income for the six months ended June 30, 2009 was $4.4 million, or $0.12 per share, compared to net income of $70.3 million or $1.88 per share, for the six months ended June 30, 2008 .

The net income for the second quarter 2009 and 2008 includes net realized losses on investments after tax of $0.5 million, or $0.01 per share, and $1.5 million, or $0.04 per share, respectively. Net income for the six months ended June 30, 2009 and 2008 includes net gains on investments after tax of $3.6 million, or $0.09 per share, and $1.4 million, or $0.04 per share, respectively.

The net investment income before tax was $23.3 million and $47.6 million for the three and six months ended June 30, 2009, respectively, as compared to $22.3 million and $45.5 million for the corresponding periods of 2008.

Workers’ compensation underwriting loss before tax was $17.6 million and $40.8 million for the three and six months ended June 30, 2009, respectively, as compared to underwriting income before tax of $26.5 million and $66.5 million for the corresponding periods of 2008.