SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 3 TO
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Zenith National Insurance Corp.
-------------------------------
(Name of Issuer)
Common Stock, $1.00 Par Value
------------------------------
(Title of Class of Securities)
989390109
--------------
(CUSIP Number)
Eric P. Salsberg
Vice President, Corporate Affairs
Fairfax Financial Holdings Limited
95 Wellington Street West, Suite 800
Toronto, Ontario, Canada, M5J 2N7
Telephone: (416) 367-4941
-------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
- With a copy to -
Brice T. Voran
Shearman & Sterling LLP
Commerce Court West
199 Bay Street, Suite 4405
Toronto, Ontario M5L 1E8
Telephone (416) 360-8484
July 27, 2004
-------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule became of Rule 13d-1(b)(3) or (4), check the following box [ ].
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act
(however, see the Notes).
--------------------------------------------------------------------------------
CUSIP No. 989390109 Page 2 of 56 Pages
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(1) Name of Reporting Person V. PREM WATSA
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization CANADIAN
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 5,921,545
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 5,921,545
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 5,921,545
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 29.0% (see Item 5)
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) IN
--------------------------------------------------------------------------------
2
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CUSIP No. 989390109 Page 3 of 56 Pages
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(1) Name of Reporting Person 1109519 ONTARIO LIMITED
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization ONTARIO, CANADA
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 5,921,545
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 5,921,545
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 5,921,545
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 29.0% (see Item 5)
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
3
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CUSIP No. 989390109 Page 4 of 56 Pages
--------------------------------------------------------------------------------
(1) Name of Reporting Person THE SIXTY TWO INVESTMENT COMPANY LIMITED
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization BRITISH COLUMBIA, CANADA
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 5,921,545
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 5,921,545
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 5,921,545
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 29.0% (see Item 5)
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
4
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CUSIP No. 989390109 Page 5 of 56 Pages
--------------------------------------------------------------------------------
(1) Name of Reporting Person 810679 ONTARIO LIMITED
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization ONTARIO, CANADA
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 5,921,545
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 5,921,545
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 5,921,545
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 29.0% (see Item 5)
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
5
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CUSIP No. 989390109 Page 6 of 56 Pages
--------------------------------------------------------------------------------
(1) Name of Reporting Person FAIRFAX FINANCIAL HOLDINGS LIMITED
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization CANADA
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 5,921,545
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 5,921,545
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 5,921,545
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 29.0% (see Item 5)
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
6
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CUSIP No. 989390109 Page 7 of 57 Pages
--------------------------------------------------------------------------------
(1) Name of Reporting Person CRC (BERMUDA) REINSURANCE LIMITED
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization BERMUDA
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 323,574
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 323,574
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 323,574
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 1.7%
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
7
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CUSIP No. 989390109 Page 8 of 56 Pages
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(1) Name of Reporting Person FFHL GROUP LTD.
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization CANADA
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 5,597,971
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 5,597,971
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 5,597,971
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 27.4% (see Item 5)
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
8
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CUSIP No. 989390109 Page 9 of 56 Pages
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(1) Name of Reporting Person FAIRFAX INC.
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization WYOMING
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 5,597,971
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 5,597,971
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 5,597,971
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 27.4% (see Item 5)
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
9
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CUSIP No. 989390109 Page 10 of 57 Pages
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(1) Name of Reporting Person TIG HOLDINGS, INC.
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization DELAWARE
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 2,357,524
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 2,357,524
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 2,357,524
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 11.6% (see Item 5)
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
10
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CUSIP No. 989390109 Page 11 of 58 Pages
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(1) Name of Reporting Person TIG INSURANCE GROUP
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization CALIFORNIA
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 2,357,524
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 2,357,524
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 2,357,524
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 11.6% (see Item 5)
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
11
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CUSIP No. 989390109 Page 12 of 56 Pages
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(1) Name of Reporting Person TIG INSURANCE COMPANY
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization CALIFORNIA
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 0
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 0
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 0
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 0%
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
12
--------------------------------------------------------------------------------
CUSIP No. 989390109 Page 13 of 56 Pages
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(1) Name of Reporting Person ODYSSEY RE HOLDINGS CORP.
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization DELAWARE
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 2,357,524
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 2,357,524
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 2,357,524
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 11.6% (see Item 5)
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
13
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CUSIP No. 989390109 Page 14 of 56 Pages
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(1) Name of Reporting Person ODYSSEY AMERICA REINSURANCE CORPORATION
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization CONNECTICUT
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 2,357,524
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 2,357,524
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 2,357,524
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 11.6% (see Item 5)
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
14
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CUSIP No. 989390109 Page 15 of 56 Pages
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(1) Name of Reporting Person CLEARWATER INSURANCE COMPANY
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization DELAWARE
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 1,083,224
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 1,083,224
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 1,083,224
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 5.6%
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
15
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CUSIP No. 989390109 Page 16 of 56 Pages
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(1) Name of Reporting Person CRUM & FORSTER HOLDINGS CORP.
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization DELAWARE
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 3,240,447
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 3,240,447
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 3,240,447
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 16.9%
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
16
--------------------------------------------------------------------------------
CUSIP No. 989390109 Page 17 of 56 Pages
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(1) Name of Reporting Person CRUM & FORSTER HOLDING INC.
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization DELAWARE
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 3,240,447
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 3,240,447
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 3,240,447
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 16.9%
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
17
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CUSIP No. 989390109 Page 18 of 56 Pages
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(1) Name of Reporting Person UNITED STATES FIRE INSURANCE COMPANY
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization DELAWARE
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 3,240,447
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 3,240,447
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 3,240,447
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 16.9%
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
18
--------------------------------------------------------------------------------
CUSIP No. 989390109 Page 19 of 56 Pages
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(1) Name of Reporting Person THE NORTH RIVER INSURANCE COMPANY
--------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member of a Group (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
(3) SEC Use Only
--------------------------------------------------------------------------------
(4) Source of Funds WC
--------------------------------------------------------------------------------
(5) Check box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(d) or 2(e). [ ]
--------------------------------------------------------------------------------
(6) Citizenship or Place of Organization NEW JERSEY
--------------------------------------------------------------------------------
(7) Sole Voting Power
Number of
Shares Beneficially -----------------------------------------
Owned (8) Shared Voting Power 0
by Each
Reporting -----------------------------------------
Person With (9) Sole Dispositive Power
-----------------------------------------
(10) Shared Dispositive Power 0
--------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person 0
--------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [ ]
--------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11) 0%
--------------------------------------------------------------------------------
(14) Type of Reporting Person (See Instructions) CO
--------------------------------------------------------------------------------
19
This Amendment No. 3 amends the Statement on Schedule 13D filed with
the Securities and Exchange Commission (the "Commission") on July 6, 1999 by
Fairfax Financial Holdings Limited ("Fairfax"), Hamblin Watsa Investment Counsel
Ltd., The Sixty Two Investment Company Limited and V. Prem Watsa relating to the
purchase of 6,574,445 shares of common stock, par value $1.00 per share (the
"Common Stock"), of Zenith National Insurance Corp., a Delaware insurance
holding company ("Zenith"), pursuant to a Stock Purchase Agreement (the "1999
Stock Purchase Agreement") dated as of June 25, 1999 between Fairfax and
Reliance Insurance Company, which Statement on Schedule 13D (such schedule, as
amended, being the "Schedule 13D") was amended by (i) Amendment No. 1 to the
Statement on Schedule 13D relating to the Stock Purchase Agreement (the "2001
Stock Purchase Agreement") dated as of November 21, 2001 between Clearwater
Insurance Company ("Clearwater"), a Delaware corporation, formerly known as
Odyssey Reinsurance Corporation, and Zenith, providing for the purchase and sale
of 1,000,000 shares of Common Stock of Zenith and (ii) Amendment No. 2 to the
Statement on Schedule 13D relating to the purchase on March 21, 2003 by Odyssey
America Reinsurance Corporation ("Odyssey America"), a Connecticut corporation,
of $30,000,000 aggregate principal amount of 5.75% convertible senior notes due
2023 of Zenith (the "Senior Notes"), which Senior Notes are currently
convertible, as described below in Item 5, into 1,200,000 shares of Common Stock
of Zenith.
This Amendment No. 3 relates to the sale (the "Transaction") of
3,100,000 shares of Common Stock of Zenith by certain subsidiaries of Fairfax
pursuant to an underwriting agreement (the "Underwriting Agreement"), dated as
of July 27, 2004, among the underwriters named in Schedule A thereto (the
"Underwriters"), Zenith and certain subsidiaries of Fairfax, as selling
stockholders, in connection with the sale of such shares in a public offering
pursuant to a registration statement on Form S-3 (the "Registration Statement")
filed by Zenith with the Commission. The closing of the Transaction is expected
to occur on or about July 30, 2004, and is subject to customary conditions.
The following amendments to Items 2, 4, 5, 6 and 7 of the Schedule
13D are hereby made.
ITEM 2. IDENTITY AND BACKGROUND
Item 2 of the Schedule 13D is hereby amended in its entirety to read
as follows:
"This statement is being jointly filed by the following persons
(collectively, the "Reporting Persons"):
1. V. Prem Watsa, an individual, is a citizen of Canada. Mr.
Watsa's business address is 95 Wellington Street West, Suite
800, Toronto, Ontario, Canada, M5J 2N7;
2. 1109519 Ontario Limited ("1109519"), a corporation
incorporated under the laws of Ontario, is controlled by V.
Prem Watsa. The principal business of 1109519 is as an
investment holding company. The principal business address and
principal office address of 1109519 is 95 Wellington Street
West, Suite 800, Toronto, Ontario, M5J 2N7;
20
3. The Sixty Two Investment Company Limited ("Sixty Two"), a
corporation incorporated under the laws of British Columbia,
is controlled by V. Prem Watsa. The principal business of
Sixty Two is as an investment holding company. The principal
business address and principal office address of Sixty Two is
1600 Cathedral Place, 925 West Georgia St., Vancouver, British
Columbia, Canada, V6C 3L3;
4. 810679 Ontario Limited ("810679"), a corporation incorporated
under the laws of Ontario, is controlled by V. Prem Watsa. The
principal business of 810679 is as an investment holding
company. The principal business address and principal office
address of 810679 is 95 Wellington Street West, Suite 800,
Toronto, Ontario, Canada, M5J 2N7;
5. Fairfax, a corporation incorporated under the laws of Canada,
is controlled by Sixty Two, 1109519, and V. Prem Watsa.
Fairfax is a financial services holding company. The principal
business and principal office address of Fairfax is 95
Wellington Street West, Suite 800, Toronto, Ontario, Canada,
M5J 2N7;
6. CRC (Bermuda) Reinsurance Limited ("CRC (Bermuda)"), a
corporation incorporated under the laws of Bermuda, is a
wholly-owned subsidiary of Fairfax. The principal business of
CRC (Bermuda) is reinsurance. The principal business address
and principal office address of CRC (Bermuda) is c/o Westbrook
Limited, Richmond House, 12 Par-la-Ville Road, P.O. Box HM
1022 Hamilton, HM DX Bermuda.
7. FFHL Group Ltd., a corporation incorporated under the laws of
Canada, is a wholly-owned subsidiary of Fairfax. The principal
business of FFHL Group Ltd. is as a holding company. The
principal business address and principal office address of
FFHL Group Ltd. is 95 Wellington Street West, Suite 800,
Toronto, Ontario, Canada, M5J 2N7;
8. Fairfax Inc., a corporation incorporated under the laws of
Wyoming, is a wholly-owned subsidiary of Fairfax. The
principal business of Fairfax Inc. is as a holding company.
The principal business address and principal office address of
Fairfax Inc. is 300 First Stamford Place, Stamford, CT 06902;
9. TIG Holdings, Inc., a corporation incorporated under the laws
of Delaware, is a wholly-owned subsidiary of Fairfax. The
principal business of TIG Holdings, Inc. is as a holding
company. The principal business address and principal office
address of TIG Holdings, Inc. is 5205 North O'Connor Blvd.,
Irving, Texas 75039;
10. TIG Insurance Group, a corporation incorporated under the laws
of California, is a majority-owned subsidiary of Fairfax. The
principal business of TIG Insurance Group is as a holding
company. The principal
21
business address and principal office address of TIG Insurance
Group is 5205 North O'Connor Blvd., Irving, Texas 75039;
11. TIG Insurance Company ("TIG"), a corporation incorporated
under the laws of California, is a majority-owned subsidiary
of Fairfax. The principal business of TIG is property/casualty
insurance. The principal business address and principal office
address of TIG is 5205 North O'Connor Blvd., Irving, Texas
75039;
12. Odyssey Re Holdings Corp. ("OdysseyRe"), a corporation
incorporated under the laws of Delaware, is a majority-owned
subsidiary of Fairfax. The principal business of OdysseyRe is
as a holding company. The principal business address and
principal office address of OdysseyRe is 140 Broadway, 39th
Floor, New York, New York 10005;
13. Odyssey America, a corporation incorporated under the laws of
Connecticut, is a wholly-owned subsidiary of OdysseyRe. The
principal business of Odyssey America is reinsurance. The
principal business address and principal office address of
Odyssey America is 300 First Stamford Place, Stamford,
Connecticut 06902;
14. Clearwater, a corporation incorporated under the laws of
Delaware, formerly known as Odyssey Reinsurance Corporation,
is a wholly-owned subsidiary of Odyssey America. The principal
business of Clearwater is reinsurance and insurance. The
principal business address and principal office address of
Clearwater is 300 First Stamford Place, Stamford, Connecticut
06902;
15. Crum & Forster Holdings Corp., a corporation incorporated
under the laws of Delaware, is a wholly-owned subsidiary of
Fairfax. The principal business of Crum & Forster Holdings
Corp. is as a holding company. The principal business address
and principal office address of Crum & Forster Holdings Corp.
is 305 Madison Avenue, P.O. Box 1943, Morristown, New Jersey
07962;
16. Crum & Forster Holding Inc., a corporation incorporated under
the laws of Delaware, is a wholly-owned subsidiary of Fairfax.
The principal business of Crum & Forster Holding Inc. is as a
holding company. The principal business address and principal
office address of Crum & Forster Holding Inc. is 305 Madison
Avenue, P.O. Box 1943, Morristown, New Jersey 07962;
17. United States Fire Insurance Company ("US Fire"), a
corporation incorporated under the laws of Delaware, is a
wholly-owned subsidiary of Fairfax. The principal business of
US Fire is insurance. The principal business address and
principal office address of US Fire is 305 Madison Avenue,
P.O. Box 1943, Morristown, New Jersey 07962; and
22
18. The North River Insurance Company ("North River"), a
corporation incorporated under the laws of New Jersey, is a
wholly-owned subsidiary of Fairfax. The principal business of
North River is insurance. The principal business address and
principal office address of North River is 305 Madison Avenue,
P.O. Box 1943, Morristown, New Jersey 07962.
Neither the filing of this Schedule 13D nor the information
contained herein shall be deemed to constitute an affirmation by V. Prem Watsa,
1109519, Sixty Two, 810679, Fairfax, CRC (Bermuda), FFHL Group Ltd., Fairfax
Inc., TIG Holdings, Inc., TIG Insurance Group, TIG, OdysseyRe, Odyssey America,
Clearwater, Crum & Forster Holdings Corp., Crum & Forster Holding Inc., US Fire
or North River that such person is the beneficial owner of the shares of Common
Stock of Zenith referred to herein for purposes of Section 13(d) or 13(g) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any
other purpose, and such beneficial ownership is expressly disclaimed.
The name, present principal occupation or employment and name,
principal business and address of any corporation or other organization in which
such employment is conducted and the citizenship of each director and executive
officer of each of the Reporting Persons (other than V. Prem Watsa, an
individual) are set forth in Annex A, B, C, D, E, F, G, H, I, J, K, L, M, N, O,
P or Q, as the case may be, and such Annexes are incorporated herein by
reference.
Pursuant to Rule 13d-1(k) under the Exchange Act, the Reporting
Persons have agreed to file jointly one statement with respect to their
ownership of the shares of Common Stock of Zenith.
During the last five years, none of the Reporting Persons, and, to
the best of each such Reporting Person's knowledge, none of the executive
officers or directors of such Reporting Person have been (a) convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
(b) a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws."
ITEM 4. PURPOSE OF TRANSACTION
Item 4 of the Schedule 13D is hereby amended in its entirety to read
as follows:
"The shares of Common Stock of Zenith referred to herein and the
Senior Notes have been acquired by the Reporting Persons for investment purposes
and not for the purposes of, or in connection with, or as a participant in, any
transaction having the purpose of changing or influencing the control of Zenith.
Fairfax and Zenith have entered into a standstill agreement dated as of June 30,
1999 (the "Original Standstill Agreement") as amended by Amendment No. 1 to the
Standstill Agreement dated March 21, 2003 (the "Standstill Amendment", and
together with the Original Standstill Agreement, the "Standstill Agreement")
which prohibits Fairfax, subject to the terms and conditions set forth in the
Standstill Agreement, from acquiring any additional securities or assets of
Zenith until the earlier of (i) December 31, 2006 or (ii) the date
23
on which Stanley R. Zax is no longer the full-time President and Chairman of the
Board of Directors of Zenith. In addition, Fairfax has entered into a Proxy
Agreement dated March 28, 2002 (the "Proxy Agreement") appointing John Clark
(the "Trustee") as its proxy with respect to all matters for which Fairfax and
all of its subsidiary corporations have the right to vote shares of Common Stock
of Zenith. Under the Proxy Agreement, the Trustee shall vote such shares in the
same proportion as the vote ultimately cast by all other voting stockholders. In
the event that a proxy contest not supported by management occurs while the
Standstill Agreement remains in effect, the Trustee shall vote as recommended by
management of Zenith.
Fairfax determined to effect the Transaction so that TIG, which as a
run-off operation pays claims but earns only minimum premium revenue, could
benefit from monetizing its investment holding of 2,966,449 shares of Common
Stock of Zenith. The sale of a small additional number of the Reporting Persons'
shares of Common Stock of Zenith will lower Fairfax's investment to less than
25% of the outstanding shares of Common Stock of Zenith, as a result of which
Zenith may be able to lower its deductible under the Terrorism Risk Insurance
Act of 2002.
The Reporting Persons have the following plans and proposals:
(a) The Reporting Persons have no current intention to acquire or
dispose of securities of Zenith, but may formulate plans to do so in the future.
The Reporting Persons intend to review, on a continuous basis, various factors
related to their direct or indirect investment, as the case may be, in Zenith,
including the price and availability of the securities of Zenith, subsequent
developments affecting Zenith's business, other investment and business
opportunities available to the Reporting Persons and general stock market and
economic conditions. Based upon these and other factors, the Reporting Persons
may decide to purchase additional securities of Zenith or may decide in the
future to sell all or part of their investment in Zenith;
(b) The Reporting Persons have no plans or proposals to cause Zenith
to enter into any extraordinary corporate transaction, such as a merger,
reorganization or liquidation of Zenith or any of its subsidiaries;
(c) The Reporting Persons have no plans or proposals to cause Zenith
or any of its subsidiaries to sell or transfer a material amount of assets;
(d) The Reporting Persons have no plans or proposals which would
result in a change in the present board of directors or management of Zenith,
whether through a change in the number or term of directors or otherwise;
(e) The Reporting Persons have no plans to make any material change
in the present capitalization or dividend policy of Zenith;
(f) The Reporting Persons have no plans or proposals to cause Zenith
to make any other material change in its business or corporate structure;
24
(g) The Reporting Persons have no plans or proposals to cause Zenith
to change its certificate of incorporation or bylaws or to take other actions
which may impede the acquisition of control of Zenith by any person;
(h) The Reporting Persons have no plans or proposals to cause the
shares of Common Stock of Zenith to be delisted from any securities exchange or
cease to be authorized to be quoted in an inter-dealer quotation system;
(i) The Reporting Persons have no plans or proposals to cause the
shares of Common Stock of Zenith to become eligible for termination of
registration pursuant to Section 12(g) of the Exchange Act; and
(j) The Reporting Persons have no plans or proposals to take any
actions similar to those enumerated above.
The descriptions in this Item 4 of the Standstill Agreement and the
Proxy Agreement are qualified in their entirety by reference to the Standstill
Agreement and the Proxy Agreement, copies of which have been filed as Exhibits
to this Schedule 13D."
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 of the Schedule 13D is hereby amended in its entirety to read
as follows:
"(a) Based on the most recent information available, the aggregate
number and percentage of the shares of Common Stock of Zenith (the securities
identified pursuant to Item 1 of this Schedule 13D) that are beneficially owned
by each of the Reporting Persons (including, where applicable, shares of Common
Stock of Zenith issuable upon conversion of the Senior Notes, which are
currently convertible as described below) are set forth in boxes 11 and 13 of
the second part of the cover page to this Schedule 13D for each of the Reporting
Persons, and such information is incorporated herein by reference.
The Senior Notes are convertible at any time prior to March 30, 2023
following the occurrence of any of the following events: (i) during any fiscal
quarter (beginning with the third quarter of 2003) if the sale price of Zenith's
Common Stock for at least 20 trading days in the 30 trading-day period ending on
the last trading day of the immediately preceding fiscal quarter exceeds 120% of
the conversion price on that 30th trading day; (ii) after the 30th day following
the initial issuance of the Senior Notes, if, and so long as, the Senior Notes
are rated by Standard & Poor's Rating Services below "BB-" (or an equivalent
successor rating), or the credit rating assigned to the Senior Notes is
suspended or withdrawn; (iii) if Zenith has called the Senior Notes for
redemption; or (iv) upon the occurrence of certain corporate events.
The Senior Notes are currently convertible into shares of Common
Stock of Zenith as of the date of filing this Schedule 13D and have therefore
been included, where applicable, in the aggregate number and percentage of the
shares of Common Stock of Zenith reported in this Schedule 13D as beneficially
owned by the Reporting Persons, as required by Rule 13d-3(d)(1)(i) under the
Exchange Act. Whether the Senior Notes will be convertible in the future will
depend upon the occurrence of the events specified above.
25
Not including shares of Common Stock of Zenith issuable upon
conversion of the Senior Notes, the following Reporting Persons beneficially own
the aggregate number and percentage of the shares of Common Stock of Zenith set
forth below.
Aggregate Amount Percent of Class Represented by
Name of Reporting Person Beneficially Owned Such Amount
-------------------------------------------------------------------------------------------------------
Odyssey America, OdysseyRe, TIG 1,157,524 6.0%
Insurance Group and TIG Holdings, Inc.
-------------------------------------------------------------------------------------------------------
Fairfax Inc. and FFHL Group Ltd. 4,397,971 22.9%
-------------------------------------------------------------------------------------------------------
Fairfax, 810679, Sixty Two, 1109519 and 4,721,545 24.6%
V. Prem Watsa
(b) The numbers of shares of Common Stock of Zenith as to which
each of the Reporting Persons has sole voting power, shared voting power, sole
dispositive power and shared dispositive power are set forth in boxes 7, 8, 9
and 10, respectively, on the second part of the cover page to this Schedule 13D
for each of the Reporting Persons, and such information is incorporated herein
by reference.
(c) Except as described herein, none of the Reporting Persons,
nor, to the best knowledge of the Reporting Persons, any person listed in Annex
A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P or Q, beneficially owns, or
during the last 60 days has acquired or disposed of, any shares of Common Stock
of Zenith.
(d) No person is known to have the right to receive or the power
to direct the receipt of dividends from, or the proceeds from the sale of,
shares of Common Stock of Zenith held by the Reporting Persons other than each
of the Reporting Persons.
(e) Not applicable."
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
Item 6 of the Schedule 13D is hereby amended in its entirety to read
as follows:
"Except as described in this Schedule 13D, none of the persons named
in Item 2, nor to the best knowledge of each of the Reporting Persons any person
listed in Annex A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P or Q, has any
contract, arrangement, understanding or relationship (legal or otherwise) with
any person with respect to any securities of Zenith, including, but not limited
to, transfer or voting of any securities, finder's fees, joint ventures, loan or
option arrangements, puts or calls, guarantees of profits, division of profits
or loss, or the giving or withholding of proxies.
In connection with the Transaction, TIG, Clearwater, US Fire and
North River (the "Selling Stockholders") have entered into the Underwriting
Agreement pursuant to which
26
the Selling Stockholders agreed to sell to the Underwriters 3,100,000 shares of
Common Stock of Zenith. As well, under the Underwriting Agreement, each of
Clearwater and US Fire granted an option to the Underwriters to purchase up to
an additional 200,000 shares of Common Stock of Zenith (for a total of up to
400,000 shares) to cover over-allotments, if any. The closing of the sale of
shares of Common Stock pursuant to the Underwriting Agreement is expected to
occur on or about ?, 2004 and is subject to customary conditions. In addition,
Fairfax and OdysseyRe have entered into agreements (the "Lock-up Agreements")
prohibiting Fairfax and its subsidiaries from directly or indirectly
transferring any of their shares of Common Stock of Zenith for a period of 180
days following the date of the Underwriting Agreement, without the consent of
Banc of America Securities LLC. Further, Fairfax and Zenith have entered into a
Registration and Indemnification Agreement (the "Registration and
Indemnification Agreement"), dated as of June 14, 2004, pursuant to which Zenith
agreed to file the Registration Statement, Fairfax agreed to reimburse Zenith
for certain fees and expenses related thereto, and Fairfax and Zenith agreed to
indemnify each other against certain liabilities, including liabilities under
the Securities Act of 1933, as amended.
The descriptions in this Schedule 13D of the Underwriting Agreement,
the Lock-up Agreements, the Registration and Indemnification Agreement, the
Proxy Agreement, the Standstill Amendment, the Original Standstill Agreement,
the 1999 Stock Purchase Agreement and the 2001 Stock Purchase Agreement are
qualified in their entirety by reference to such agreements, copies of which
have been filed as exhibits to this Schedule 13D."
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Item 7 of the Schedule 13D is hereby amended by the addition of the
following exhibits to the end thereof:
"3.1 Joint Filing Agreement dated as of July 29, 2004 among V. Prem
Watsa, 1109519 Ontario Limited, The Sixty Two Investment Company
Limited, 810679 Ontario Limited, Fairfax Financial Holdings
Limited., CRC (Bermuda) Reinsurance Limited, FFHL Group Ltd.,
Fairfax Inc., TIG Holdings, Inc., TIG Insurance Group, TIG Insurance
Company, Odyssey Re Holdings Corp., Odyssey America Reinsurance
Corporation, Clearwater Insurance Company, Crum & Forster Holdings
Corp., Crum & Forster Holding Inc., United States Fire Insurance
Company, and The North River Insurance Company.
3.2 Underwriting Agreement dated as of July 27, 2004 among Zenith
National Insurance Corp., the underwriters named in Schedule A
thereto and the selling stockholders named in Schedule B thereto.
3.3 Registration and Indemnification Agreement dated as of June 14, 2004
between Zenith National Insurance Corp. and Fairfax Financial
Holdings Limited.
27
3.4 Lock-up Agreement dated July 27, 2004 of Fairfax Financial Holdings
Limited.
3.5 Lock-up Agreement dated July 27, 2004 of Odyssey Re Holdings Corp.
3.6 Powers of Attorney with respect to Zenith National Insurance Corp.
Schedule 13D."
28
SIGNATURE
After reasonable inquiry and to the best of the undersigned's
knowledge and belief, the undersigned certifies that the information set forth
in this Schedule 13D with respect to the undersigned is true, complete and
correct.
IN WITNESS WHEREOF, the undersigned has executed this Schedule 13D
as of the 29th day of July , 2004.
V. Prem Watsa
/s/ V. P. Watsa
----------------------------------------
1109519 Ontario Limited
By: /s/ V. P. Watsa
------------------------------------
Name: V. Prem Watsa
Title: President
The Sixty Two Investment Company Limited
By: /s/ V. P. Watsa
------------------------------------
Name: V. Prem Watsa
Title: President
29
810679 Ontario Limited
By: /s/ V. P. Watsa
-----------------------------------------
Name: V. Prem Watsa
Title: President
Fairfax Financial Holdings Limited
By: /s/ Eric P. Salsberg
-----------------------------------------
Name: Eric P. Salsberg
Title: Vice President, Corporate Affairs
CRC (Bermuda) Reinsurance Limited
By: /s/ Ronald Schokking
-----------------------------------------
Name: Ronald Schokking
Title: Vice President
FFHL Group Ltd.
By: /s/ Eric P. Salsberg
-----------------------------------------
Name: Eric P. Salsberg
Title: Vice President
30
Fairfax Inc.
By: /s/ Eric P. Salsberg
------------------------------------
Name: Eric P. Salsberg
Title: Vice President
TIG Holdings, Inc.
By: /s/ V.P. Watsa
------------------------------------
Name: V. Prem Watsa
Title: Chairman
TIG Insurance Group Inc.
By: /s/ Eric P. Salsberg
------------------------------------
Name: Eric P. Salsberg
Title: Vice President
By: /s/ Michael J. Sluka
------------------------------------
Name: Michael J. Sluka
Title: Senior Vice President,
Chief Financial Officer
and Treasurer
TIG Insurance Company
By: /s/ Michael J. Sluka
------------------------------------
Name: Michael J. Sluka
Title: Senior Vice President,
Chief Financial Officer
31
Odyssey Re Holdings Corp.
By: /s/ Donald L. Smith
--------------------------------------
Name: Donald L. Smith
Title: Senior Vice President, General
Counsel and Corporate Secretary
Odyssey America Reinsurance Corporation
By: /s/ Donald L. Smith
--------------------------------------
Name: Donald L. Smith
Title: Senior Vice President
Clearwater Insurance Company
By: /s/ Donald L. Smith
--------------------------------------
Name: Donald L. Smith
Title: Senior Vice President
Crum & Forster Holdings Corp.
By: /s/ Mary Jane Robertson
--------------------------------------
Name: Mary Jane Robertson
Title: Senior Executive Vice
President, Chief
Financial Officer & Treasurer
32
Crum & Forster Holding Inc.
By: /s/ Mary Jane Robertson
------------------------------------
Name: Mary Jane Robertson
Title: Senior Executive Vice
President & Treasurer
United States Fire Insurance Company
By: /s/ Mary Jane Robertson
------------------------------------
Name: Mary Jane Robertson
Title: Senior Executive Vice
President, Chief
Financial Officer & Treasurer
The North River Insurance Company
By: /s/ Mary Jane Robertson
------------------------------------
Name: Mary Jane Robertson
Title: Senior Executive Vice
President, Chief
Financial Officer & Treasurer
33
ANNEX INDEX
ANNEX DESCRIPTION
----- -----------
A Directors and Executive Officers of 1109519 Ontario Limited
B Directors and Executive Officers of The Sixty Two Investment Company Limited
C Directors and Executive Officers of 810679 Ontario Limited
D Directors and Executive Officers of Fairfax Financial Holdings Limited
E Directors and Executive Officers of CRC (Bermuda) Reinsurance Limited
F Directors and Executive Officers of FFHL Group Ltd.
G Directors and Executive Officers of Fairfax Inc.
H Directors and Executive Officers of TIG Holdings, Inc.
I Directors and Executive Officers of TIG Insurance Group
J Directors and Executive Officers of TIG Insurance Company
K Directors and Executive Officers of Odyssey Re Holdings Corp.
L Directors and Executive Officers of Odyssey America Reinsurance Corporation
M Directors and Executive Officers of Clearwater Insurance Company
N Directors and Executive Officers of Crum & Forster Holdings Corp.
O Directors and Executive Officers of Crum & Forster Holding Inc.
P Directors and Executive Officers of United States Fire Insurance Company
Q Directors and Executive Officers of The North River Insurance Company
34
ANNEX A
DIRECTORS AND EXECUTIVE OFFICERS OF
1109519 ONTARIO LIMITED
The following table sets forth certain information with respect to
the directors and executive officers of 1109519 Ontario Limited.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER
ORGANIZATION IN WHICH SUCH
NAME EMPLOYMENT IS CONDUCTED CITIZENSHIP
---- ----------------------- -----------
V. Prem Watsa Chairman and Chief Executive Officer, Canadian
(President and Director) Fairfax Financial Holdings Limited
95 Wellington Street West
Suite 800
Toronto, Ontario M5J 2N7
Eric P. Salsberg Vice President, Corporate Affairs, Canadian
(Assistant Secretary and Director) Fairfax Financial Holdings Limited
35
ANNEX B
DIRECTORS AND EXECUTIVE OFFICERS OF
THE SIXTY TWO INVESTMENT COMPANY LIMITED
The following table sets forth certain information with respect to
the directors and executive officers of The Sixty Two Investment Company
Limited.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER
NAME ORGANIZATION IN WHICH SUCH
EMPLOYMENT IS CONDUCTED CITIZENSHIP
---- ----------------------- -----------
V. Prem Watsa Chairman and Chief Executive Officer, Canadian
(President and Director) Fairfax Financial Holdings Limited
95 Wellington Street West
Suite 800
Toronto, Ontario M5J 2N7
Eric P. Salsberg Vice President, Corporate Affairs, Canadian
(Assistant Secretary and Director) Fairfax Financial Holdings Limited
36
ANNEX C
DIRECTORS AND EXECUTIVE OFFICERS OF
810679 ONTARIO LIMITED
The following table sets forth certain information with respect to \
the directors and executive officers of 810679 Ontario Limited.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER
ORGANIZATION IN WHICH SUCH
NAME EMPLOYMENT IS CONDUCTED CITIZENSHIP
---- ----------------------- -----------
V. Prem Watsa Chairman and Chief Executive Officer, Canadian
(President and Director) Fairfax Financial Holdings Limited
95 Wellington Street West
Suite 800
Toronto, Ontario M5J 2N7
Eric P. Salsberg Vice President, Corporate Affairs, Canadian
(Assistant Secretary and Director) Fairfax Financial Holdings Limited
37
ANNEX D
DIRECTORS AND EXECUTIVE OFFICERS OF
FAIRFAX FINANCIAL HOLDINGS LIMITED
The following table sets forth certain information with respect to
the directors and executive officers of Fairfax Financial Holdings Limited.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER
ORGANIZATION IN WHICH SUCH
NAME EMPLOYMENT IS CONDUCTED CITIZENSHIP
---- ----------------------- -----------
V. Prem Watsa Chairman and Chief Executive Officer, Canadian
(Chairman and Chief Executive Fairfax Financial Holdings Limited
Officer) 95 Wellington Street West
Suite 800
Toronto, Ontario M5J 2N7
Frank B. Bennett President, Artesian Management Inc. United States
(Director) 301 Carlson Parkway,
Suite 120
Minnetonka, MN 55305
Robbert Hartog President, Robhar Investments Ltd. Canadian
(Director) R.R. #1
Perkinsfield, Ontario L0L 2J0
Anthony Griffiths Independent Business Consultant Canadian
(Director) Toronto, Ontario, Canada
Brandon W. Sweitzer Senior Advisor to the President of the United States
(Director) Chamber of Commerce of the United
States
1615 H Street, NW
Washington, DC 20062
Trevor J. Ambridge Vice President and Chief Canadian
(Vice President and Chief Financial Financial Officer, Fairfax
Officer) Financial Holdings Limited
38
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER
ORGANIZATION IN WHICH SUCH
NAME EMPLOYMENT IS CONDUCTED CITIZENSHIP
---- ----------------------- -----------
Eric P. Salsberg Vice President, Corporate Affairs, Canadian
(Vice President, Corporate Affairs) Fairfax Financial Holdings Limited
39
ANNEX E
DIRECTORS AND EXECUTIVE OFFICERS OF
CRC (BERMUDA) REINSURANCE LIMITED
The following table sets forth certain information with respect to
the directors and executive officers of CRC (Bermuda) Reinsurance Limited.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER
ORGANIZATION IN WHICH SUCH
NAME EMPLOYMENT IS CONDUCTED CITIZENSHIP
---- ----------------------- -----------
Sam Chan Vice President Canadian
(Director and President) Fairfax Financial Holdings Limited
95 Wellington Street West, Ste. 800
Toronto, ON
Charles Collis Attorney British/Bermudian
(Director) Conyers Dill & Pearman
Clarendon House, Church Street
Hamilton, Bermuda
Christopher Garrod Attorney British/Bermudian
(Director) Conyers Dill & Pearman
Clarendon House, Church Street
Hamilton, Bermuda
Ronald Schokking Vice President, Finance Canadian
(Vice President Fairfax Financial Holdings Limited
Treasurer, and Chairman)
Bradley P. Martin Vice President Canadian
(Vice President) Fairfax Financial Holdings Limited
Eric P. Salsberg Vice President, Corporate Affairs Canadian
(Vice President) Fairfax Financial Holdings Limited
40
ANNEX F
DIRECTORS AND EXECUTIVE OFFICERS OF
FFHL GROUP LTD.
The following table sets forth certain information with respect to
the directors and executive officers of FFHL Group Ltd.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER ORGANIZATION
NAME IN WHICH SUCH EMPLOYMENT IS CONDUCTED CITIZENSHIP
------------- -------------------------------------- --------------
James F. Dowd President and Chief Executive Officer, United States
(Chairman) Fairfax Inc.
305 Madison Avenue
Morristown, NJ 07962
Eric P. Salsberg Vice President, Corporate Affairs, Canadian
(Vice President and Director) Fairfax Financial Holdings Limited
95 Wellington Street West
Suite 800
Toronto, Ontario M5J 2N7
Bradley P. Martin Vice President, Canadian
(Vice President and Secretary) Fairfax Financial Holdings Limited
V. Prem Watsa Chairman and Chief Executive Officer, Canadian
(Vice President and Director) Fairfax Financial Holdings Limited
Ronald Schokking Vice President, Finance Canadian
(Vice President) Fairfax Financial Holdings Limited
M. Jane Williamson Vice President, Canadian
(Director) Fairfax Financial Holdings Limited
41
ANNEX G
DIRECTORS AND EXECUTIVE OFFICERS OF
FAIRFAX INC.
The following table sets forth certain information with respect to
the directors and executive officers of Fairfax Inc.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER ORGANIZATION
NAME IN WHICH SUCH EMPLOYMENT IS CONDUCTED CITIZENSHIP
------------- -------------------------------------- --------------
Eric P. Salsberg Vice President, Corporate Affairs, Canadian
(Vice President and Director) Fairfax Financial Holdings Limited
95 Wellington Street West
Suite 800
Toronto, Ontario M5J 2N7
James F. Dowd Chairman, President and Chief United States
(Chairman, President & CEO) Executive Officer, Fairfax Inc.
305 Madison Avenue
Morristown, NJ 07962
Ronald Schokking Vice President, Finance, Canadian
(Vice President) Fairfax Financial Holdings Limited
Roland W. Jackson Vice President, Treasurer and Director, United States
(Vice President, Treasurer Fairfax Inc.
and Director)
Trevor J. Ambridge Vice President and Chief Financial Canadian
(Vice President) Officer,
Fairfax Financial Holdings Limited
42
ANNEX H
DIRECTORS AND EXECUTIVE OFFICERS OF
TIG HOLDINGS, INC.
The following table sets forth certain information with respect to the
directors and executive officers of TIG Holdings, Inc.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER ORGANIZATION
NAME IN WHICH SUCH EMPLOYMENT IS CONDUCTED CITIZENSHIP
------------- -------------------------------------- --------------
V. Prem Watsa Chairman and Chief Executive Officer, Canadian
(Chairman and Director) Fairfax Financial Holdings Limited
95 Wellington Street West
Suite 800
Toronto, Ontario M5J 2N7
Trevor J. Ambridge Vice President and Chief Canadian
(Director) Financial Officer,
Fairfax Financial Holdings Limited
Dennis C. Gibbs Chief Executive Officer and Director, United States
(Chief Executive Officer and Director) TIG Insurance Company
R. Scott Donovan President and Director, United States
(President and Director) TIG Insurance Company
Michael J. Sluka Senior Vice President, Chief Financial United States
(Senior Vice President, Chief Officer, and Treasurer and Director,
Financial Officer and Treasurer TIG Insurance Company
43
ANNEX I
DIRECTORS AND EXECUTIVE OFFICERS OF
TIG INSURANCE GROUP
The following table sets forth certain information with respect to the
directors and executive officers of TIG Insurance Group.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER ORGANIZATION
NAME IN WHICH SUCH EMPLOYMENT IS CONDUCTED CITIZENSHIP
------------- -------------------------------------- --------------
R. Scott Donovan President and Director, United States
(President and Director) TIG Insurance Company
Dennis C. Gibbs Chief Executive Officer and Director, United States
(Chief Executive Officer and TIG Insurance Company
Director)
Charles G. Ehrlich Senior Vice President and Director, United States
(Senior Vice President, TIG Insurance Company
General Counsel and Secretary)
Michael J. Sluka Senior Vice President, Chief Financial United States
(Senior Vice President, Chief Officer, Treasurer and Director,
Financial Officer, Treasurer, TIG Insurance Company
and Director)
William J. Gillett Managing Director -- Europe United States
(Director) RiverStone Holdings Limited
44
ANNEX J
DIRECTORS AND EXECUTIVE OFFICERS OF
TIG INSURANCE COMPANY
The following table sets forth certain information with respect to the
directors and executive officers of TIG Insurance Company.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER ORGANIZATION
NAME IN WHICH SUCH EMPLOYMENT IS CONDUCTED CITIZENSHIP
------------- -------------------------------------- --------------
Dennis C. Gibbs Chairman, Chief Executive Officer and United States
(Chairman, Chief Executive Director,
Officer and Director) TIG Insurance Company
R. Scott Donovan President and Director, United States
(President and Director) TIG Insurance Company
Charles G. Ehrlich Senior Vice President and Director, United States
(Senior Vice President and TIG Insurance Company
Director)
John M. Parker Senior Vice President, General United States
(Senior Vice President, Counsel,and Secretary,
General Counsel, and TIG Insurance Company
Secretary)
Robert L. Gossett Senior Vice President and Director, United States
(Senior Vice President and TIG Insurance Company
Director)
Michael J. Sluka Senior Vice President, Chief Financial United States
(Senior Vice President, Chief Officer, Treasurer and Director,
Financial Officer, Treasurer TIG Insurance Company
and Director)
45
ANNEX K
DIRECTORS AND EXECUTIVE OFFICERS OF
ODYSSEY RE HOLDINGS CORP.
The following table sets forth certain information with respect to the
directors and executive officers of Odyssey Re Holdings Corp.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER ORGANIZATION
NAME IN WHICH SUCH EMPLOYMENT IS CONDUCTED CITIZENSHIP
------------- -------------------------------------- --------------
V. Prem Watsa Chairman and Chief Executive Officer, Canadian
(Chairman) Fairfax Financial Holdings Limited
95 Wellington Street West
Suite 800
Toronto, Ontario M5J 2N7
James F. Dowd President and Chief Executive Officer, United States
(Vice Chairman) Fairfax Inc.
305 Madison Avenue
Morristown, NJ 07962
Andrew Barnard President, Chief Executive Officer, United States
(President, Chief Executive and Director
Officer and Director) Odyssey Re Holdings Corp.
140 Broadway Avenue, 39th Floor
New York, NY 10005
Michael G. Wacek Executive Vice President, United States
(Executive Vice President) Odyssey Re Holdings Corp.
Charles D. Troiano Executive Vice President and Chief United States
(Executive Vice President and Financial Officer,
Chief Financial Officer) Odyssey Re Holdings Corp.
Anthony J. Narciso, Jr. Senior Vice President and Controller, United States
(Senior Vice President and Odyssey Re Holdings Corp.
Controller)
46
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER ORGANIZATION
NAME IN WHICH SUCH EMPLOYMENT IS CONDUCTED CITIZENSHIP
------------- -------------------------------------- --------------
Donald L. Smith Senior Vice President, United States
(Senior Vice President, General Counsel and Corporate
General Counsel and Secretary,
Corporate Secretary ) Odyssey Re Holdings Corp.
Frank B. Bennett President, Artesian Management Inc. United States
(Director) 301 Carlson Parkway,
Suite 120
Minnetonka, MN 55305
Anthony F. Griffiths Independent Consultant and Corporate Canadian
(Director) Director,
95 Wellington Street West
Suite 800
Toronto, Ontario M5J 2N7
Robbert Hartog President, Robhar Investments Ltd. Canadian
(Director) R.R. #1
Perkinsfield, Ontario L0L 2J0
Brandon W. Sweitzer Senior Advisor to the President of the United States
(Director) Chamber of Commerce of the United
States
1615 H Street, NW
Washington, DC 20062
47
ANNEX L
DIRECTORS AND EXECUTIVE OFFICERS OF
ODYSSEY AMERICA REINSURANCE CORPORATION
The following table sets forth certain information with respect to the
directors and executive officers of Odyssey America Reinsurance Corporation.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER ORGANIZATION
NAME IN WHICH SUCH EMPLOYMENT IS CONDUCTED CITIZENSHIP
------------- -------------------------------------- --------------
Andrew A. Barnard President, Chief Executive Officer,and United States
(Chairman, Chief Executive Director
Officer and Director) Odyssey Re Holdings Corp.
140 Broadway Avenue, 39th Floor
New York, NY 10005
James F. Dowd President and Chief Executive Officer, United States
(Director) Fairfax Inc.
305 Madison Avenue
Morristown, NJ 07962
Michael G. Wacek Executive Vice President, United States
(President and Director) Odyssey Re Holdings Corp.
Mark W. Hinkley Executive Vice President, United States
(Executive Vice President and Odyssey America Reinsurance
Director) Corporation
300 First Stamford Place
Stamford, CT 06902
James E. Migliorini Senior Vice President, United States
(Senior Vice President and Odyssey America Reinsurance
Director) Corporation
Donald L. Smith Senior Vice President, General United States
(Senior Vice President and Counsel and Corporate Secretary,
General Legal Counsel and Odyssey Re Holdings Corp.
Director)
48
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER ORGANIZATION
NAME IN WHICH SUCH EMPLOYMENT IS CONDUCTED CITIZENSHIP
------------- -------------------------------------- --------------
Brian D. Young Executive Vice President, United States
(Executive Vice President and Odyssey America Reinsurance
Director) Corporation
Charles D. Troiano Executive Vice President and Chief United States
(Chief Operating Officer and Financial Officer,
Director) Odyssey Re Holdings Corp.
49
ANNEX M
DIRECTORS AND EXECUTIVE OFFICERS OF
CLEARWATER INSURANCE COMPANY
The following table sets forth certain information with respect to the
directors and executive officers of Clearwater Insurance Company.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER ORGANIZATION
NAME IN WHICH SUCH EMPLOYMENT IS CONDUCTED CITIZENSHIP
------------- -------------------------------------- --------------
Andrew A. Barnard President, Chief Executive Officer,and United States
(Chairman, Chief Executive Director
Officer and Director) Odyssey Re Holdings Corp.
140 Broadway Avenue, 39th Floor
New York, NY 10005
James F. Dowd President and Chief Executive Officer, United States
(Director) Fairfax Inc.
305 Madison Avenue
Morristown, NJ 07962
Michael G. Wacek Executive Vice President, United States
(President and Director) Odyssey Re Holdings Corp.
Mark W. Hinkley Executive Vice President, United States
(Executive Vice President and Odyssey America Reinsurance
Director) Corporation
300 Stamford Place
Stamford, CT 06902
James E. Migliorini Senior Vice President, United States
(Senior Vice President and Odyssey America Reinsurance
Director) Corporation
Donald L. Smith Senior Vice President, General United States
(Vice President, General Counsel and Corporate Secretary,
Counsel, Corporate Secretary Odyssey Re Holdings Corp.
and Director)
50
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER
ORGANIZATION IN WHICH SUCH
NAME EMPLOYMENT IS CONDUCTED CITIZENSHIP
---- ---------------------------------- -------------
Brian D. Young Executive Vice President, United States
(Senior Vice President and Director) Odyssey America Reinsurance
Corporation
Charles D. Troiano Executive Vice President and Chief United States
(Chief Operating Officer and Director) Financial Officer,
Odyssey Re Holdings Corp.
51
ANNEX N
DIRECTORS AND EXECUTIVE OFFICERS OF
CRUM & FORSTER HOLDINGS CORP.
The following table sets forth certain information with respect to the
directors and executive officers of Crum & Forster Holdings Corp.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER
ORGANIZATION IN WHICH SUCH
NAME EMPLOYMENT IS CONDUCTED CITIZENSHIP
---- -------------------------------------- -------------
V. Prem Watsa Chairman and Chief Executive Officer, Canadian
(Chairman) Fairfax Financial Holdings Limited
95 Wellington Street West
Suite 800
Toronto, Ontario M5J 2N7
Nikolas Antonopoulos Chief Executive Officer and President, United States
(Chief Executive Officer and Crum & Forster Holdings Corp. and
President) various other insurance subsidiaries
305 Madison Avenue
Morristown, NJ 07962
Mary Jane Robertson Senior Executive Vice President, Chief United States
(Senior Executive Vice President, Financial Officer and Treasurer,
Chief Financial Officer and Treasurer) Crum & Forster Holdings Corp. and
various other insurance subsidiaries
Frank B. Bennett President, Artesian Management Inc. United States
(Director) 301 Carlson Parkway,
Suite 120
Minnetonka, MN 55305
Robbert Hartog President, Robhar Investments Ltd. Canadian
(Director) R.R. #1
Perkinsfield, Ontario L0L 2J0
Anthony Griffiths Independent Business Consultant Canadian
(Director) Toronto, Ontario, Canada
52
ANNEX O
DIRECTORS AND EXECUTIVE OFFICERS OF
CRUM & FORSTER HOLDING INC.
The following table sets forth certain information with respect to the
directors and executive officers of Crum & Forster Holding Inc.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER
ORGANIZATION IN WHICH SUCH
NAME EMPLOYMENT IS CONDUCTED CITIZENSHIP
---- -------------------------------------- -------------
Nikolas Antonopoulos Chief Executive Officer and President, United States
(Chief Executive Officer, President Crum & Forster Holdings Corp. and
and Director) various other insurance subsidiaries
305 Madison Avenue
Morristown, NJ 07962
Mary Jane Robertson Senior Executive Vice President, Chief United States
(Senior Executive Vice President, Financial Officer and Treasurer,
Treasurer and Director) Crum & Forster Holdings Corp. and
various other insurance subsidiaries
Douglas M. Libby President, United States
(Senior Vice President and Director) Seneca Insurance Company
160 Water Street
New York, NY 10038
53
ANNEX P
DIRECTORS AND EXECUTIVE OFFICERS OF
UNITED STATES FIRE INSURANCE COMPANY
The following table sets forth certain information with respect to the
directors and executive officers of United States Fire Insurance Company.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER
ORGANIZATION IN WHICH SUCH
NAME EMPLOYMENT IS CONDUCTED CITIZENSHIP
---- -------------------------------------- -------------
Nikolas Antonopoulos Chief Executive Officer and President, United States
(Chief Executive Officer, President Crum & Forster Holdings Corp. and
and Director) various other insurance subsidiaries
305 Madison Avenue
Morristown, NJ 07962
Mary Jane Robertson Senior Executive Vice President, Chief United States
(Senior Executive Vice President, Financial Officer and Treasurer,
Chief Financial Officer, Treasurer and Crum & Forster Holdings Corp. and
Director) various other insurance subsidiaries
Dennis J. Hammer Senior Vice President and Controller, United States
(Senior Vice President and Controller) United States Fire Insurance Company
Joseph F. Braunstein, Jr. Executive Vice President, United States
(Executive Vice President) United States Fire Insurance Company
54
ANNEX Q
DIRECTORS AND EXECUTIVE OFFICERS OF
THE NORTH RIVER INSURANCE COMPANY
The following table sets forth certain information with respect to the
directors and executive officers of The North River Insurance Company.
PRESENT PRINCIPAL OCCUPATION OR
EMPLOYMENT AND THE NAME,
PRINCIPAL BUSINESS AND ADDRESS OF
ANY CORPORATION OR OTHER
ORGANIZATION IN WHICH SUCH
NAME EMPLOYMENT IS CONDUCTED CITIZENSHIP
---- -------------------------------------- -------------
Nikolas Antonopoulos Chief Executive Officer and President, United States
(Chief Executive Officer, President Crum & Forster Holdings Corp. and
and Director) various other insurance subsidiaries
305 Madison Avenue
Morristown, NJ 07962
Mary Jane Robertson Senior Executive Vice President, Chief United States
(Senior Executive Vice President, Financial Officer and Treasurer,
Chief Financial Officer, Treasurer and Crum & Forster Holdings Corp. and
Director) various other insurance subsidiaries
Dennis J. Hammer Senior Vice President and Controller, United States
(Senior Vice President and Controller) United States Fire Insurance Company
Joseph F. Braunstein, Jr. Executive Vice President, United States
(Executive Vice President) United States Fire Insurance Company
55
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
----------- -----------
3.1 Joint Filing Agreement dated as of July 29, 2004 among V. Prem
Watsa, 1109519 Ontario Limited, The Sixty Two Investment
Company Limited, 810679 Ontario Limited, Fairfax Financial
Holdings Limited., CRC (Bermuda) Reinsurance Limited, FFHL
Group Ltd., Fairfax Inc., TIG Holdings, Inc., TIG Insurance Group,
TIG Insurance Company, Odyssey Re Holdings Corp., Odyssey
America Reinsurance Corporation, Clearwater Insurance Company,
Crum & Forster Holdings Corp., Crum & Forster Holding Inc.,
United States Fire Insurance Company, and The North River
Insurance Company.
3.2 Underwriting Agreement dated as of July 27, 2004 among
Zenith National Insurance Corp., the underwriters named
in Schedule A thereto and the selling stockholders
named in Schedule B thereto.
3.3 Registration and Indemnification Agreement dated as of June 14,
2004 between Zenith National Insurance Corp. and Fairfax
Financial Holdings Limited.
3.4 Lock-up Agreement dated July 27, 2004 of Fairfax Financial
Holdings Limited.
3.5 Lock-up Agreement dated July 27, 2004 of Odyssey Re Holdings
Corp.
3.6 Powers of Attorney with respect to Zenith National Insurance Corp.
Schedule 13D.
56