INSURANCE

Zenith to Sell its CalFarm Life Unit: Zenith National Insurance Corp. of Woodland Hills signed a letter of intent to sell its CalFarm Life Insurance Co. subsidiary to Conseco Inc. of Carmel, Ind., for about $120 million in cash, the two companies announced. The deal is subject to the execution of a definitive agreement and regulatory approvals. Stanley R. Zax, Zenith chairman and president, said selling Sacramento-based CalFarm would bolster Zenith’s financial position and allow it to focus on its primary business, workers’ compensation insurance. Under the proposed sale, Zenith would retain CalFarm’s group health business. CalFarm had $2.5 billion of life insurance in force at year-end 1993.