A.M. Best Affirms Ratings of Zenith National Insurance Corp. and Its Subsidiaries
14 Mai 2010 - 3:30PM
Business Wire
A.M. Best Co. has affirmed the financial strength rating
(FSR) of A (Excellent) and issuer credit ratings (ICR) of “a” of
Zenith National Insurance Group (Zenith) and its members,
Zenith Insurance Company and its wholly owned subsidiary,
ZNAT Insurance Company.
Concurrently, A.M. Best has affirmed the ICR of “bbb” of the
group’s parent, Zenith National Insurance Corp. (Zenith
National) (Wilmington, DE) [NYSE:ZNT]. A.M. Best also has affirmed
the debt rating of “bb+” on $58.4 million 8.55% capital securities,
due 2028 of Zenith National Insurance Capital Trust I. The
outlook for all ratings is stable. All companies are domiciled in
Woodland Hills, CA, except where specified.
The ratings reflect Zenith’s excellent risk-adjusted
capitalization, historically strong operating performance and
management’s expertise and commitment to maintain underwriting
discipline throughout market cycles. The group also benefits from
the financial flexibility of Zenith National, which provides the
group access to capital as needed.
Somewhat offsetting these positive rating factors are the recent
reduction in the company’s operating profitability, reflective of
the competitive market conditions in California, as well as the
state mandated rate reductions in Florida over the past five years.
Additionally, the concentration of written premiums within these
two states exposes Zenith to regulatory and legislative
changes.
Despite these concerns, the outlook recognizes Zenith’s strong
capital position, historically strong underwriting performance and
demonstrated experience in underwriting the workers’ compensation
line over the long term.
For Best’s Credit Ratings, an overview of the rating process and
rating methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings,
including any additional methodologies and factors that may have
been considered, can be found at
www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service
credit rating organization dedicated to serving the financial and
health care service industries, including insurance companies,
banks, hospitals and health care system providers. For more
information, visit www.ambest.com.
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