Zenith National Board OKs Buyback Plan

Zenith National Insurance Corp., extending its share-repurchase program, said its board authorized the Woodland Hills-based insurer to buy back up to 1 million additional shares of its common stock.

Zenith National said the repurchases would occur periodically in the open market or in privately negotiated sales. The company already has a buyback plan in place under an authorization announced Sept. 12, and to date has repurchased 718,200 shares under that plan at a cost of $12 million.

The company now has about 19.8 million total common shares outstanding.

Separately, Zenith National raised its quarterly dividend by a penny, to 22 cents a share, with the new payout scheduled for Aug. 15 to stockholders of record July 31.