Shearman & Sterling is representing Fairfax Financial Holdings Limited (Fairfax) in its planned acquisition of Zenith National Insurance Corp. (Zenith) in a transaction valued at approximately $1.4 billion. The transaction is expected to close in the second quarter of 2010 and is subject to customary conditions, including approval by Zenith’s stockholders and regulatory approval.

Fairfax Financial Holdings Limited, a Canadian corporation, is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Zenith National Insurance Corp., a Delaware corporation incorporated in 1971, is a holding company engaged, through its wholly owned subsidiaries, Zenith Insurance Company and ZNAT Insurance Company, in the workers' compensation insurance business in the United States.