Zenith Insurance has announced changes to its leadership team starting in the new year.

Current President Davidson Pattiz, who also served as Chief Operating Officer, will assume the role of President and CEO on January 1, 2025. He will succeed CEO Carrie Van Gendi, who will transition to the role of CEO.

“Davidson is an outstanding executive and has been a strong and influential partner during my tenure as CEO,” said Van Gundy. “There is no one more qualified or prepared for this role, and I am confident that our business will only grow stronger under his leadership. I look forward to continuing to work closely with Davidson and our management team to support Zenith.”

Zenith is primarily engaged in workers’ compensation insurance business in the United States, and also has a property and casualty insurance operation focused on the agricultural sector in California. In addition, the Fairfax-owned company has a workers’ compensation claims servicing business.

In May, Zenith’s parent company reported net profit of $776.5 million in the first quarter of 2024.

At the time, Fairfax Chairman and CEO Prem Watsa noted: “In the first quarter of 2024, our property and casualty insurance and reinsurance operations generated adjusted operating income of $977.1 million, up from $843.0 million in the first quarter of 2023 (or operating income of $1,415.5 million (2023 – $1,309.3 million) including discount interest, net of claims risk adjustment), primarily reflecting increased interest and earnings and strong core underwriting performance.

“All of our insurance and reinsurance segments continued to achieve undiscounted combined ratios below 100% with a consolidated combined ratio of 93.6% and a consolidated underwriting profit of $373.0 million, both on an undiscounted basis. Gross premiums increased by 12.8% and net premiums increased by 11.2%, reflecting the acquisition of Gulf Insurance Company, which added $649.5 million in gross written premiums and $334.0 million in net written premiums.”

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