Ratings: SeaBright, Park, Zenith

April 7, 2008

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and the issuer credit rating (ICR) of “a-” of Chicago-based SeaBright Insurance Company (SBIC) Best also affirmed the ICR of “bbb-” of SBIC’s holding company, Delaware -based SeaBright Insurance Holdings, Inc. (SIH). The outlook for all ratings is stable. “The ratings reflect SBIC’s solid capitalization achieved through contributions from SIH, in addition to retained earnings from profitable operations in recent years, its niche market focus as a specialty provider of multi-jurisdictional workers’ compensation insurance and experienced management team,” said Best.

A.M. Best Co. has assigned a financial strength rating of ‘B+’ (Good) and an issuer credit rating of “bbb-” to New York’s Park Insurance Company with a stable outlook. “The ratings are based on Park’s good capitalization, a management team with strong niche market expertise and solid working relationships with its agents and accounts,” Best explained. “Partially offsetting these positive rating factors are the limited geographic scope and operating volatility associated with the ramp up of the company. Park is writing a consistent book of business and is familiar with the accounts it writes. Park provides commercial auto and general liability coverage on a per occurrence basis to accounts involved in the ready mix concrete business.”

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Zenith National Insurance Group and its members, Zenith Insurance Company (Zenith) and ZNAT Insurance Company (ZNAT), a wholly owned subsidiary of Zenith. Best also affirmed the ICR of “bbb” of the group’s parent, Zenith National Insurance Corporation. Zenith and ZNAT operate as subsidiaries of Zenith National. The above ratings are based on the consolidated operating performance and financial condition of Zenith and ZNAT. In addition Best affirmed the debt rating of “bb+” on $58.35 million 8.55 percent capital securities, due 2028 of Zenith National Insurance Capital Trust I. The debt rating of “bbb” on $1.15 million 5.75 percent convertible senior unsecured notes, due 2023 of Zenith National, was retired as all remaining notes were converted as of March 31, 2008. All companies are domiciled in Woodland Hills, Calif. And the outlook for all ratings is stable. “The ratings reflect Zenith’s excellent capitalization, strong operating performance and disciplined underwriting approach, which has consistently produced a significant accident year loss ratio advantage for the group within its primary line, workers’ compensation,” Best noted. “The group also benefits from the financial flexibility of Zenith National, which provides access to capital as needed.”

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