Zenith National Insurance has reported total revenues of $127.1m for the first quarter of 2010, a decrease of 14% compared to $148.5m for the same quarter in 2009.
The company’s net premiums earned for the first quarter of 2010 were $100.2m compared to $117.9m for the same period last year.
Net investment income before tax was $17.4m for the first quarter of 2010 compared to $24.3m for the same quarter in 2009.
The company posted a net loss of $0.8m for the first quarter of 2010, or $0.02 per share, compared to net income of $2.6m, or $0.07 per share for the same period last year.
Stanley Zax, chairman and president of Zenith National Insurance, said: Our operating results continue to be adversely impacted by declining premium and lower investment income. Book value is lower than at December 31, 2009 primarily due to the stockholder dividend of $0.50 per share. Our customers continue to be adversely impacted by the recession and it will be a slow process at best before job creation and increased payrolls occur.