Toronto-based Fairfax Financial Holdings Limited and California-based Zenith National Insurance Corp. announced that Fairfax has received approval from the California Department of Insurance for the acquisition by Fairfax of Zenith pursuant to the previously announced merger agreement [See IJ web site – /news/national/2010/02/18/107455.htm].
Zenith will become a wholly owned subsidiary of Fairfax, and will continue to be operated by current management under the leadership of CEO Stanley Zax, with the exception of investments, which will be handled by Fairfax.
The parties said they “expect to close the transaction on Thursday, May 20, 2010.”
Source: Fairfax and Zenith
Was this article valuable?
Here are more articles you may enjoy.
UK Payments Firm Moved Billions for Risky Clients Before FCA Seizure 
5 Years After Surfside Collapse: Safer Condos, More Transparency for Underwriters 
US P/C Rebounds to Post Q1 Underwriting Gain; Net Income Doubles 
Mississippi Insurance Dept. Top Examiner Named in $90M Credit Union Theft Suit 
