Zenith National Insurance ZNT

Hi,

I was running a screen on yahoo and came across ZNT.It was 2nd in the list after another insurer ACGL ,that i own, which i had decided to buy earlier when it popped up in a similar screen.

Zenith is in the workers compensation insurance business. It has exited the reinsurance business (due to extended losses incurred due to Katrina) and a real estate development business. The reinsurance business was in the red for 3 consecutive years.

The company does business mainly in Florida and California, although it is licensed to do business in 46 states.

The company sports a market cap of 1.7B
Revenue 1.1B
ROE 30%
Profit Margin (ttm): 20.71%
Operating Margin (ttm): 32.51%
Cash is 675Million
Insiders 13%

Dividend yield 3% (Payout Ratio 17%)

If someone can look at this and may be run a DCF on it, i will appreciate.

Disclosure : Own shares of ACGL.