Woodland Hills, Calif.-based Zenith National Insurance Corp. announced the entering into of a definitive agreement to sell its real estate assets and home-building business in Las Vegas, Nevada to Meritage Corporation. Conditions as to the closing and release of funds are anticipated to occur later today. Zenith estimates that it will record a gain on the sale in the fourth quarter of about $7.0 million, after tax, and will receive approximately $28.0 million in repayment of intercompany loans from its home-building subsidiary.
Commenting on the transaction, Stanley R. Zax, chairman and president, said, “the consummation of the sale will strengthen Zenith’s financial condition and facilitate the continued expansion of its workers’ compensation and reinsurance business.”
Was this article valuable?
Here are more articles you may enjoy.
Allstate CEO Wilson Takes on Affordability Issue During Earnings Call 
Florida’s Commercial Clearinghouse Bill Stirring Up Concerns for Brokers, Regulators 
US Appeals Court Rejects Challenge to Trump’s Efforts to Ban DEI 
Uber Jury Awards $8.5 Million Damages in Sexual Assault Case 
