New York, April 25, 2013 -- Moody's Investors Service has affirmed the A3 insurance financial strength (IFS) ratings of Zenith's main operating companies (Zenith Insurance Company and ZNAT Insurance Company; collectively "Zenith"). Zenith is a wholly owned subsidiary of Fairfax Financial Holdings Ltd. ("Fairfax", TXS: FFH and FFH.U, Baa3 senior, stable). The outlook for the ratings was changed to negative from stable reflecting a significant decline in capital resulting from operating losses and a substantial dividend to Fairfax in 2012, coupled with increased premium growth prospects.

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