Zenith National Insurance Reports 4th-Quarter Loss

Zenith National Insurance Corp., citing Proposition 103 refunds, Hurricane Andrew and other one-time costs, reported a $1.5-million loss for the fourth quarter, compared with year-earlier profit of $8.3 million.

The Woodland Hills-based insurer said its recent decision by its CalFarm Insurance and Zenith Insurance subsidiaries to make refunds to its auto-policy holders under Proposition 103 resulted in a $10.6-million after-tax charge against fourth-quarter earnings.

Zenith’s revenue in the quarter ended Dec. 31 edged up 3%, to $141.8 million from $137.8 million.

The company’s profit for all of 1992 dropped 37%, to $28.7 million from $45.9 million the prior year, and its annual revenue rose to $549.3 million from $546.3 million.