Zenith Insurance Company
| Company type | Subsidiary |
|---|---|
| Industry | Insurance |
| Founded | 1949 |
| Headquarters | Woodland Hills, California |
Key people | Kari L. Van Gundy (Chair of the Board and CEO) Davidson Pattiz (President) |
Number of employees | 1466 (2014)[1] |
| Parent | Fairfax Financial |
| Website | www |
Zenith Insurance Company is an American insurance company headquartered in California specializing in workers' compensation insurance. It has been an indirect wholly owned subsidiary of Canadian Fairfax Financial since 2010.[2] Zenith operates nationally in the workers' compensation insurance business and conducts business through independent agencies and brokers.
History
[edit]Zenith National Insurance Corporation was established in 1949. In 1971, Zenith went public and was listed on the NASDAQ stock market.[3] In 1978, Stanley Zax was hired as Zenith's chief executive officer.[4] In 1987, the company was listed on the NYSE under the ticker symbol ZNT.[5]
In 2010, Fairfax Financial agreed to buy Zenith in a deal that valued the company at around $1.3 billion US.[2][6] The deal was negotiated by Fairfax CEO Prem Watsa.[4] A group of Zenith shareholders sought to prevent the sale by going to court, but a court dismissed their claims on April 22, 2010.[4] The combined company became seventh-largest workers’ compensation insurer in California.[5]
In 2015, the company was part of a settlement with the city of San Mateo arising from the collapse of Lehman Brothers.[7]
References
[edit]- ^ "Fairfax - Insurance". Fairfax. Retrieved 8 June 2015.
- ^ a b "Fairfax to buy all of Zenith". The Canadian Press. Toronto Star. 19 February 2010. Retrieved 8 June 2015.
- ^ "Form 10K - ZENITH NATIONAL INSURANCE CORP". Securities and Exchange Commission. Retrieved 2023-08-25.
- ^ a b c Feeley, Jef (22 April 2010). "Zenith National Investors Lose Bid to Halt Buyout". Bloomberg. Retrieved 8 June 2015.
- ^ a b "Zenith Merger Will Make Fairfax 7th Largest Workers' Comp Writer in Calif". Insurance Journal. February 19, 2010.
- ^ "Fairfax to Buy Zenith National for $1.3 Billion". New York Times. 18 February 2010. Retrieved 8 June 2015.
- ^ "County reaches $6.5M settlement with Lehman Brothers auditors". San Mateo Daily Journal. 19 May 2015. Retrieved 8 June 2015.
- 1949 establishments in California
- American companies established in 1949
- Financial services companies established in 1949
- 2010 mergers and acquisitions
- Financial services companies based in California
- Companies based in Los Angeles
- Insurance companies of the United States
- American subsidiaries of foreign companies
- Companies formerly listed on the Nasdaq
- Fairfax Financial