Zenith Profit Dips on Earthquake Losses
Zenith National Insurance Corp. reported a 25% decline in profit in the third quarter that ended Sept. 30, as earthquake-related losses continued to mount.
The Woodland Hills property, casualty, auto and workers’ compensation insurer earned $10.1 million in the third quarter, compared to a profit of $13.5 million a year earlier. Revenues rose to $153 million in the latest quarter, up 3% from $149 million a year earlier.
For the first nine months of the year, Zenith reported net income of $29.2 million on revenues of $443 million, compared to year-earlier profit of $41.2 million on revenues of $442 million.
Losses incurred from the Jan. 17 Northridge earthquake in the third quarter totaled $2.3 million, bringing the year-to-date total to $9.8 million.
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