Zenith National’s Profit Down 36% in 1st Quarter

Zenith National Insurance Corp., a Woodland Hills property-casualty and workers’ compensation insurer, reported a sharp drop in earnings in the three months that ended March 31.

The company’s first-quarter profit fell 36% to $12.6 million from $19.6 million a year earlier, despite a 10% increase in revenue to $143.3 million from $130.4 million.

Zenith’s net income in 1992’s first quarter included a $10.7 million gain from an accounting change. Without the gain, its earnings would have been up 41% in the latest quarter.