Fitch affirms Zenith

Fitch Ratings said it has affirmed Zenith National Insurance Corp.'s ratings as follows: Zenith with issuer default rating BBB+; Zenith National Insurance Capital Trust I with $58.5 million 8.55% trust preferred securities due Aug. 1, 2028 at BBB-; and Zenith's insurance subsidiaries with insurer financial strength rating A.

The outlook is stable.

According to the agency, Zenith's ratings reflect solid capitalization, strong underwriting results, conservative reserving practices and a strong balance sheet.

Offsetting factors include Zenith's geographic and product concentration, an intensely competitive market and legislative/regulatory uncertainty, the agency added.

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