S&P affirms Fairfax

Standard & Poor's said it affirmed its BBB- counterparty credit rating on Fairfax Financial Holdings Inc. following the company's announcement that it intends to acquire 100% ownership of Zenith National Insurance Corp.

The outlook remains stable.

The agency views Zenith, with net premiums earned of $463 million in full-year 2009 and total assets of approximately $2.4 billion as of Dec. 31, as adding further product diversification, greater underwriting and claims expertise and increased asset management opportunities to Fairfax.

S&P said that in line with Fairfax's operating philosophy toward its insurance subsidiaries, the agency expects Zenith to be managed on a decentralized basis through the existing Zenith management team.

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