Zenith Announces Successful Consent Solicitation

                               Woodland Hills, CA (CompNewsNetwork) - Zenith National Insurance Corp. ("Zenith") announced Wednesday that it has received the requisite consents from the holders of the 8.55% Capital Securities (Liquidation Amount of $1,000 per Capital Security) (the "Capital Securities") of Zenith National Insurance Capital Trust I to amend certain terms of the Indenture governing its 8.55% Subordinated Deferrable Interest Debentures due 2028 (the "Debentures"). The consent solicitation expired at 5:00 p.m. New York City time on May 26, 2010 (the "Expiration Time").

Zenith has been advised by D.F. King & Co., Inc., the Tabulation Agent for the consent solicitation, that, as of the Expiration Time, consents were delivered and not revoked in respect of Capital Securities representing at least a majority of the $58,500,000 in aggregate liquidation amount of Capital Securities outstanding and eligible to provide consent.

As a result of receiving such requisite consents, and since Zenith's merger transaction with Fairfax Financial Holdings Limited closed on May 20, 2010, Zenith and Wells Fargo Bank, N.A. (as successor in interest to Norwest Bank Minnesota, National Association), as the trustee under the indenture governing the Debentures, will enter into a supplemental indenture implementing the amendments contemplated by the consent solicitation (the "Supplemental Indenture"). The amendments amend the indenture to allow Zenith to provide annual, audited, consolidated financial statements for Zenith and its subsidiaries prepared in accordance with Generally Accepted Accounting Principles in the United States and quarterly unaudited financial statements prepared in a consistent manner. The foregoing financial statements will be provided to holders of the Capital Securities in lieu of the reports Zenith currently files with the Securities and Exchange Commission and which are provided to holders of the Capital Securities under the existing indenture.

Following the entry into the Supplemental Indenture and the amendments becoming operative, Zenith will make a cash payment of $2.00 per $1,000 liquidation amount of Capital Securities to each holder that validly delivered (and did not validly revoke) its consent prior to the Expiration Time.

BofA Merrill Lynch acted as the sole Solicitation Agent for the consent solicitation. D.F. King & Co., Inc. acted as the Tabulation Agent.

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