109261--2/16/2006--ZENITH_NATIONAL_INSURANCE

related topics

{loss, insurance, financial}

{capital, credit, financial}

{product, liability, claim}

{cost, regulation, environmental}

{loan, real, estate}

{provision, law, control}

{debt, indebtedness, cash}

{operation, natural, condition}

{regulation, change, law}

{acquisition, growth, future}

{financial, litigation, operation}

Our loss reserves are based on estimates and may be inadequate to cover our losses. If we are unable to obtain or collect on ceded reinsurance, our ability to write new policies could be materially adversely affected. The risks associated with property and casualty reinsurance underwriting could adversely affect us. Acts of terrorism could negatively impact our business and our financial condition. The insurance business is subject to extensive regulation and legislative changes, which impact the manner in which we operate our business. A downgrade in the financial strength rating of our insurance subsidiaries could reduce the amount of business we are able to write. Intense competition could adversely affect our ability to sell policies at premium rates we deem adequate. If we are unable to realize our investment objectives, our financial condition may be adversely affected. Our geographic concentration ties our performance to the business, economic and regulatory conditions in California and Florida. We rely on independent insurance agents and brokers. Assessments and other surcharges for guaranty funds and second injury funds and other mandatory pooling arrangements may reduce our profitability. Litigation may have an adverse effect on our business. Our status as an insurance holding company with no direct operations could adversely affect our ability to meet our debt obligations and pay dividends. State insurance laws may discourage takeover attempts that could be beneficial to us and our stockholders.

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109261--2/16/2006--ZENITH_NATIONAL_INSURANCE_CORP