Fitch affirms Zenith

Fitch Ratings said it affirmed Zenith's ratings as follows: Zenith National Insurance Corp.'s insurance subsidiaries Zenith Insurance Co. at insurer financial strength rating A, issuer default rating BBB+ and $1.2 million 5.75% convertible senior notes due March 30, 2023 at BBB; ZNAT Insurance Co. at insurer financial strength A; Zenith National Insurance Capital Trust I's $58.5 million 8.55% trust preferred securities due Aug. 1, 2028 at BBB-.

The outlook is stable.

The agency said that Zenith's ratings reflect strong underwriting results, solid capitalization and a strong balance sheet while offsetting factors include Zenith's geographic and product concentration along with an intensely competitive market.

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