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CALIFORNIA | INSURANCE | THE STATE

Zenith to Buy Riscorp's Workers' Comp Unit

June 19, 1997|(Reuters)

Woodland Hills-based Zenith National Insurance Corp. said its Zenith Insurance Co. unit will acquire all the assets and workers' compensation insurance business of Riscorp Inc. for at least $35 million in cash. Zenith, which specializes in workers' comp insurance, will also acquire Riscorp's existing insurance business, the right to new and renewal policies, and its managed-care workers' comp system. In a statement, Zenith said it will pay the difference between the book value of purchased assets and the book value of assumed liabilities. After the deal closes, Sarasota, Fla.-based Riscorp would no longer be in the workers' comp or managed-care businesses.

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