Zenith National’s Profit Falls 35% in 1st Quarter

Zenith National Insurance Corp. reported a 35% drop in its first-quarter profit because of the Northridge earthquake in January and a lower level of investment gains.

The Woodland Hills property, casualty and workers’ compensation insurer said its net income in the three months that ended March 31 was $8.2 million, compared with a $12.6-million profit a year ago. Its revenue slipped 3% from $143.3 million to $138.3 million.

Zenith said its losses from the earthquake totaled $9.1 million, including $2 million in damage to its headquarters office building.