Zenith Reports Dip of 23% in Quarterly Profits
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Zenith National Insurance Corp. reported a 23% decline in second-quarter profits on little change in revenue.
In the quarter ended June 30, the Woodland Hills-based insurer earned $8.9 million, down from $11.5 million a year earlier. Its revenue inched up to $136 million from $135.4 million.
The latest profit would have been higher except for a $1.6-million after-tax cost related to Zenith’s redemption of notes that were to mature in 1994.
For the first half of this year, Zenith’s profit fell 21% from a year ago, to $18.8 million from $23.8 million, and its six-month revenue slipped to $266.4 million from $270 million.
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