Zenith Income Drops in First Quarter

Employee and operating cuts contributed to Zenith National Insurance Corp. reporting a 93.8% drop in net income for the first quarter 2009, compared to the same quarter last year. The Woodland Hills-based company reported $2.6 million in net income, or $0.07 per share, on revenues of $148.5 million, compared to $41.9 million in net income for the first quarter 2008, or $1.12 per share, on revenues of $186.7 million. Zenith Insurance Company primarily operates in California and Florida, with business in 43 additional states and the District of Columbia. The company specializes in workers’ compensation. Andrea Alegria