Financier Increases Stake in Zenith Insurance Corp.
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New York financier Saul Steinberg’s Reliance Financial Services Corp. increased its stake in Encino-based Zenith National Insurance Corp. to 28.5% on Dec. 31 from about 26%, according to documents filed with the U.S. Securities and Exchange Commission.
Reliance, Zenith’s largest shareholder, bought 450,000 shares in the Encino-based workers’ compensation insurer for $11.6 million, the documents say, at prices ranging from $25.42 to $26 a share.
In another SEC filing, Republic American Corp., another Encino workers’ compensation firm, said it repurchased 568,100 of its shares in the open market for about $9 million, at prices ranging from $14.93 to $15.72 each.
Republic American is controlled by Cincinnati financier Carl H. Lindner’s American Financial Corp., which owns 7.1 million shares, or 32.1% of the company’s stock. Republic American had previously said it might use excess cash to bolster its stock price by buying back up to 1 million of its shares.
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