Board Approves Buyback of Zenith National Shares

Zenith National Insurance Corp. said its board authorized the Woodland Hills-based insurer to periodically buy back up to an additional 1 million shares of Zenith National’s common stock.

The company already has a 1-million-share buyback under way, of which 797,120 shares had actually been repurchased as of Dec. 9 at a total cost of $10.2 million, Zenith National said. The company currently has 18.8 million total common shares outstanding.

The cost of buying back the additional 1 million shares, based on Zenith National’s closing price Monday of $17.75 a share in New York Stock Exchange composite trading, would total $17.8 million.