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Exhibit 12

ZENITH NATIONAL INSURANCE CORP. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

		Years Ended December 31,
(Dollars in thousands)
		2003		2002 (2)			2001 (2)			2000 (2)			1999
Income (loss) from continuing operations before tax and before equity in earnings of investee		$	96,664	$	(1,261	)	$	(41,302	)	$	(76,246	)	$	79,418
Add: Fixed charges			14,120		9,958			14,426			14,037			16,976
Less: Interest capitalized in discontinued real estate operations			—		3,356			5,230			8,364			7,048
	Income as adjusted:	$	110,784	$	5,341		$	(32,106	)	$	(70,573	)	$	89,346
Fixed charges:
	Interest expense on borrowings	$	12,350	$	5,102		$	7,576		$	4,113		$	8,218
	Interest capitalized in discontinued real estate operations		—		3,356			5,230			8,364			7,048
	Rental expense at 30% (1)		1,770		1,500			1,620			1,560			1,710
	Total fixed charges:	$	14,120	$	9,958		$	14,426		$	14,037		$	16,976
Ratio of earnings to fixed charges:			7.85		—			—			—			5.26

(1)

30% represents a reasonable approximation of the interest factor.

(2)

In 2002, 2001, and 2000, our earnings were insufficient to cover fixed charges by $4.6 million, $46.5 million and $84.6 million, respectively.

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ZENITH NATIONAL INSURANCE CORP. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES