Fairfax Financial Holdings And Subsidiaries Ratings Affirmed On Plan To Acquire Zenith National; Outlook Remains Stable

Standard & Poors, February 2010

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Abstract
Fairfax Financial Holdings (FFH) has announced that it is planning to acquire Calif.-based Zenith National Insurance. (BBB-/Stable/--; subsidiaries are rated 'A-'). The planned acquisition will expand Fairfax's U.S. presence and add strong underwriting and claims management talent. The consolidated group's financial profile will remain strong because the transaction will be financed with cash and common equity and the company will maintain prudent underwriting across units and above-average investment performance. We are affirming our ratings on FFH and its ongoing operating insurance subsidiaries. The outlook remains stable, reflecting FFH's strong and geographically diversified business profile as well as its strong capital adequacy. SAN FRANCISCO (Standard & Poor's) Feb. 19, 2010--Standard & Poor's Ratings Services today said it affirmed its 'BBB-' counterparty...

Companies mentioned in this report are: Fairfax Financial Holdings Ltd.,Zenith National Insurance Corp.
Action: Affirmed

Fairfax Financial Holdings Ltd.,Zenith National Insurance Corp.

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