QuickLinks -- Click here to rapidly navigate through this document

Exhibit 10.2

[CITY NATIONAL BANK LOGO]

CHANGE IN TERMS AGREEMENT

Principal
$20,000,000.00   Loan Date
07-01-2001   Maturity
07-31-2002   Loan No.
11552   Call/Coll
  Account
209600   Officer
FB   Initials

References in the shaded area are for Lender's use only and do not limit the
applicability of this document to any particular loan or item.
Any item above containing ***** has been omitted due to text length limitations.

Borrower:   ZENITH NATIONAL INSURANCE CORP., A
DELAWARE CORPORATION
21255 CALIFA STREET
WOODLAND HILLS, CA 91436   Lender:   City National Bank, NA
Westside Commercial Banking Center #674000
400 North Roxbury Drive
Beverly Hills, CA 90210

--------------------------------------------------------------------------------

Principal Amount:  $20,000,000.00   Initial Rate:  6.750%   Date of
Agreement:  July 1, 2001

DESCRIPTION OF EXISTING INDEBTNESS.  Promissory Note ("Note") dated July 5,
2000, in favor of City National Bank, NA ("Lender"), executed by Zenith National
Insurance Corp., a Delaware corporation ("Borrower") in the original principal
amount of $20,000,000.00, payable in full on July 1, 2001, subject to any
installment maturities in the Note. The principal balance on the Note as of July
1, 2001 is $0.00.

DESCRIPTION OF CHANGE OF TERMS.  Interest on the unpaid principal shall be
payable monthly commencing August 31, 2001, and continuing up to and including
July 31, 2002, on which day the balance of principal and interest then unpaid
shall become due and payable.

CONTINUING VALIDITY.  Except as expressly changed by this Agreement, the terms
of the original obligation or obligations, including all agreements evidenced or
securing the obligation(s), remain unchanged and in full force and effect.
Consent by Lender to this Agreement does not waive Lender's right to strict
performance of the obligation(s) as changed, nor obligate Lender to make any
future change in terms. Nothing in this Agreement will constitute a satisfaction
of the obligation(s). It is the intention of Lender to retain as liable parties
all makers and endorsers of the original obligation(s), including accommodation
parties, unless a party is expressly released by Lender in writing. Any maker or
endorser, including accommodation makers, will not be released by virtue of this
Agreement. If any person who signed the original obligation does not sign this
Agreement below, then all persons signing below acknowledge that this Agreement
is given conditionally, based on the representation to Lender that the
non-signing party consents to the changes and provisions of this Agreement or
otherwise will not be released by it. This waiver applies not only to any
initial extension, modification or release, but also to all such subsequent
actions.

BORROWER:

ZENITH NATIONAL INSURANCE CORP.,
A DELAWARE CORPORATION

By:   /s/ STANLEY R. ZAX   

--------------------------------------------------------------------------------

STANLEY R. ZAX,
Board Chairman/President of
ZENITH NATIONAL INSURANCE CORP
A DELAWARE CORPORATION    

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

QuickLinks

CHANGE IN TERMS AGREEMENT