Zenith National Insurance Corp. (Zenith National) is a holding company engaged through its wholly owned insurance subsidiaries, Zenith Insurance Company, ZNAT Insurance Company and Zenith Star Insurance Company (collectively, the P&C Operations), in the property-casualty insurance business. Zenith National and its subsidiaries (collectively, Zenith) also conduct Real Estate Operations through wholly owned subsidiaries that develop land and construct private residences for sale in Las Vegas, Nevada. Zenith classifies its business into the following segments: Workers' Compensation, Reinsurance, Other Property-Casualty, Real Estate, Investment and Parent.