Zenith National Insurance Corp. (ZNT).

ZENITH NATIONAL INSURANCE CORP. (ZNT)

Business Overview

Zenith National Insurance Corp. (Zenith National), incorporated in
1971, is a holding company engaged, through its wholly owned
insurance subsidiaries, Zenith Insurance Co. (Zenith Insurance) and
ZNAT Insurance Co. (ZNAT Insurance) (collectively, Zenith), in the
workers' compensation insurance business, nationally, and in the
assumed reinsurance business. Zenith is in the business of managing
insurance and investment risk. The company's main business activity
is the workers' compensation insurance business. It also operates a
small-assumed reinsurance business from which, in September 2005, the
company announced its exit. Zenith also maintains a portfolio of
investments, principally in fixed maturity securities, funded by the
operating cash flows from the company's insurance businesses and
capital. Zenith National operates its business in four segments:
workers' compensation, reinsurance, investments and parent.

Income Statement              LTM *   2005 **

Revenue (billions)            $1.1    $1.3
Operating Income (millions)   365.3   251.0
Net Income (millions)         232.8   157.7
EPS                           $6.27   $4.32

Summary

Headquarters: Woodland Hills
Market Cap: $1.75 billion
Dividend Yield: 2.95%
P/E Ratio: 7.66

* Latest Twelve Months Ending 9/2006

** Fiscal Year Ending 12/2005

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