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UPDATE 1-Zenith National cuts jobs, to take charge in Q1

Tue Feb 10, 2009 4:43pm EST

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Feb 10 (Reuters) - Workers' compensation insurer Zenith National Insurance Corp (ZNT.N) said it will cut 100 positions, or 6 percent of its total workforce, in response to the ongoing economic downturn.

The company said it will take a charge of about $3.3 million in the first quarter, which includes termination benefits, lease termination costs and other associated costs.

The company expects annualized cost savings of $6.5 million from these actions.

Shares of the Woodland Hills, California-based company closed at $26.09 Tuesday on the New York Stock Exchange. They have shed 46 percent of their value after hitting a 52-week high in September. (Reporting by Anurag Kotoky in Bangalore; Editing by Anil D'Silva) ((anurag.kotoky@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: anurag.kotoky.thomsonreuters.com@reuters.net))



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