Zenith Says It Won’t Sell CalFarm Life Subsidiary
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Zenith National Insurance Corp., a Woodland Hills workers’ compensation insurer, said it will not sell its CalFarm Life Insurance Co. subsidiary “at this time,” and has ended negotiations with Conseco Inc.
Zenith had earlier reached a tentative agreement to sell CalFarm Life to Conseco for $120 million in cash. Carmel, Ind.-based Conseco’s CCP Insurance Inc. unit subsequently issued a press release that suggested that the deal had been finalized, but Zenith responded that no definitive agreement had been reached.
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