Insurer Zenith Says Sale of CalFarm Not Final

Zenith National Insurance Corp., a workers’ compensation insurer based in Woodland Hills, said it has not reached a definitive agreement for the sale of its subsidiary CalFarm Life Insurance Co., despite a report suggesting otherwise.

Zenith issued the statement saying it wanted to clarify a news release put out by CCP Insurance Inc., a unit of Conseco Inc. of Carmel, Ind. Zenith previously announced it had signed a letter of intent to sell CalFarm Life to Conseco for $120 million in cash. But Zenith said the transaction remains subject to approval and execution of a definitive agreement, plus necessary regulatory approvals. Zenith also noted that it has recently received an inquiry from another party interested in acquiring CalFarm Life.