Zenith National Insurance Corp.

Business: Insurance Symbol: ZNT Shares Outstanding: 19 million Market: NYSE Closing Price on 4/5/93: $26.25 Qtrly Profit (loss) for Dec. 1992: ($1.5 million) Qtrly Revenue for Dec. 1992: $141.8 million *Zenith National Insurance Corp., based in Woodland Hills, provides auto, health, life, housing, workers’ compensation and farm insurance. Its units include Zenith Insurance Co. and CalFarm Insurance Co. Its major stockholders include entities controlled by financiers Saul Steinberg and Carl Lindner, which together owns 44% of the company. Zenith is headed by chairman Stanley R. Zax, who is a cousin of former junk-bond king Michael Milken. Zenith itself invested heavily in junk bonds during the 1980s, but has since sharply reduced its exposure to the high-risk-high-yield securities. Source: Zenith National Insurance Corp.