Keefe, Bruyette & Woods Initiates Coverage on Zenith National Insurance (ZNT)
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Keefe, Bruyette & Woods initiates coverage on Zenith National Insurance (NYSE: ZNT) with a Market Perform. Price target $27.
Keefe analyst says, "We are initiating coverage of Zenith National Insurance Corp. (Zenith), a workers' compensation insurer that consistently produces underwriting results that outperform the industry. While we like Zenith's underwriting discipline, we do not see a near-term catalyst for multiple expansion due to uncertainty in the California workers' compensation market and the economy in general. As such, we rate the shares Market Perform."
Zenith National Insurance Corp. (Zenith National) is a holding company engaged, through its wholly owned subsidiaries, Zenith Insurance Company (Zenith Insurance) and ZNAT Insurance Company (ZNAT Insurance) in the workers' compensation insurance business.
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