Moody's: Zenith outlook now stable

Moody's Investors Service said it affirmed Zenith National Insurance Corp.'s long-term debt ratings (senior unsecured at Ba1) and the Baa1 insurance financial strength ratings for the company's property and casualty affiliates.

In the same action, Moody's said it changed its outlook to stable from negative following Zenith's year-end earnings release that showed solid improvements in earnings and organic capital growth.

Moody's noted that the rating affirmation reflects Zenith's demonstrated track record of underwriting discipline and strong internal controls. Moody's noted that the ratings also reflect the risk inherent in Zenith's quasi-monoline focus in California workers' compensation insurance.

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