What’s new: In brief (July 28, 2004)

Fairfax Financial Holdings Ltd. says some of its affiliates have priced an offering of 3.1 million shares of common stock of Zenith National Insurance Corp. for gross proceeds of US$133 million. An overallotment of 400,000 shares was also offered to underwriters, with the offering set to close July 30.

Following on the heels of Converium’s announcement of a US$660 million loss in the second quarter of 2004 due largely to a US$400 million reserve boost on its U.S. casualty business. Converium says it will ask investors for a capital infusion of US$250-$400 million in the third quarter of this year, in part to appease raters who have downgraded or placed the reinsurer on review following the reserve announcement.