Fairfax Receives Regulatory Approval for Acquisition of Zenith
May 19 2010 - 4:47PM
Marketwired
Fairfax Financial Holdings Limited (TSX: FFH)(TSX: FFH.U)
("Fairfax") and Zenith National Insurance Corp. (NYSE: ZNT)
("Zenith") today 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 among Fairfax, a wholly owned subsidiary of Fairfax and
Zenith. The parties expect to close the transaction on Thursday,
May 20, 2010.
Cautionary Statement Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
safe harbor for forward-looking statements if accompanied by
meaningful cautionary statements identifying important factors that
could cause actual results to differ materially from those
discussed. Statements containing words such as expect, anticipate,
believe, estimate, likely or similar words that are used herein or
in other written or oral information conveyed by or on behalf of
Fairfax and Zenith are intended to identify forward-looking
statements. Forward-looking statements are made based upon
management's current expectations and beliefs concerning future
developments and their potential effects on Fairfax and Zenith.
Such forward-looking statements are not guarantees of future
events. Actual results may differ materially from those
contemplated by the forward-looking statements due to, among
others, the following factors: (i) the parties may be unable to
complete the merger because, among other reasons, conditions to the
closing of the merger may not be satisfied or waived; (ii) possible
disruptions from the merger may make it more difficult to maintain
business and operational relationships; (iii) developments beyond
the parties' control, including but not limited to, changes in
domestic or global economic conditions, competitive conditions and
consumer preferences, adverse weather conditions or natural
disasters, health concerns, international, political or military
developments and technological developments; and (iv) the "risk
factors" and other factors referred to in Fairfax and Zenith's
respective reports filed with or furnished to the Securities and
Exchange Commission. There can be no assurance that other factors
not currently anticipated by Fairfax or Zenith will not materially
and adversely affect future events. Investors and stockholders are
cautioned not to place undue reliance on any forward-looking
statements made by or on behalf of Fairfax and Zenith.
Forward-looking statements speak only as of the date they are made.
Fairfax and Zenith do not undertake any obligation to update or
revise any forward-looking statement.
About Fairfax
Fairfax Financial Holdings Limited is a financial services
holding company which, through its subsidiaries, is engaged in
property and casualty insurance and reinsurance and investment
management.
About Zenith
Zenith National Insurance Corp., a Delaware corporation
incorporated in 1971, is a holding company engaged, through its
wholly owned subsidiaries, Zenith Insurance Company and ZNAT
Insurance Company, in the workers' compensation insurance business,
nationally.
Contacts: Fairfax Financial Holdings Limited Greg Taylor Chief
Financial Officer (416) 367-4941 Media Contact Fairfax Financial
Holdings Limited Paul Rivett Chief Legal Officer (416) 367-4941
Zenith National Insurance Corp. William J. Owen Senior Vice
President, Investor Relations 818-676-3936
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