Exhibit 12

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

|                                                                                              |                                                             | Years Ended December 31,
|--------------------------------------------------------------------------------------------- | ----------------------------------------------------------- | ------------------------
|
|
|Income (loss) from continuing operations before tax and before equity in earnings of investee |                                                             | $                       
|Add: Fixed charges                                                                            |                                                             |                         
|Less: Interest capitalized in discontinued real estate operations                             |                                                             |                         
|                                                                                              |                                                             |                         
|                                                                                              | Income as adjusted:                                         |                         
|                                                                                              |                                                             |                         
|Fixed charges:                                                                                |                                                             |                         
|                                                                                              | Interest expense on borrowings                              |                         
|                                                                                              | Interest capitalized in discontinued real estate operations |                         
|                                                                                              | Rental expense at 30% (1)                                   |                         
|                                                                                              |                                                             |                         
|                                                                                              | Total fixed charges:                                        |                         
|                                                                                              |                                                             |                         
|Ratio of earnings to fixed charges:                                                           |                                                             |                         
|                                                                                              |                                                             |                         

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