Moody's lifts Zenith view to positive

Moody's Investors Service said it affirmed the ratings of Zenith National Insurance Corp. and changed the outlook to positive from stable.

Affirmed ratings include the Ba1 senior unsecured debt, Ba2 subordinate debt and the Baa1 insurance financial strength ratings of subsidiaries Zenith Insurance Co., ZNAT Insurance Co. and Zenith Star Insurance Co, and the Ba2 trust preferred stock at Zenith National Insurance Capital Trust 1.

The affirmations are based on the company's demonstrated track record of underwriting discipline and its opportunistic growth strategy with a focus on profitability over revenue growth, the agency said, adding the company has reasonable financial flexibility, given its reduction in financial leverage and a high quality investment portfolio.

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