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Exhibit 10.24    
    

 
 

COMPENSATION
  OF
  KEITH E. TROTMAN,
  EXECUTIVE OFFICER    
    

        Keith E. Trotman, an Executive Officer of Zenith National Insurance Corp. (the "Company"), serves without an employment agreement. As such, his employment is
considered "at-will." As of February 15, 2006, his annual salary is $450,000 and is subject to such changes as may be made from time to time in its sole discretion by the
Compensation Committee (the "Compensation Committee") of the Board of Directors. Mr. Trotman also receives an annual automobile allowance of $15,600. 

        From
time to time, the Compensation Committee may award Mr. Trotman shares of restricted stock under the Company's restricted stock plan in its sole discretion. He is entitled to
dividends on such shares and the dividends are required by applicable income tax regulations to be reported as additional income so long as such shares are "unvested." 

        Mr. Trotman
is eligible for discretionary bonuses as may be authorized, declared, and paid by the Compensation Committee in its sole discretion and is also be eligible for such
bonuses under the Company's Executive Officer Bonus Plan, as may be awarded by the Compensation Committee pursuant to the terms of such plan. 

        Mr. Trotman
is also eligible to participate in the Company's fringe benefits, such as group insurance plans and the Company-sponsored 401(k) plan, which are generally available to
all employees. Mr. Trotman does not receive any perquisites or other personal benefits that are exclusive to him and not available to other employees of the Company. 

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Exhibit 10.24

COMPENSATION OF KEITH E. TROTMAN, EXECUTIVE OFFICERQuickLinks
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Exhibit 10.54    
    

 
 

FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT    
    

        THIS FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment") is entered into as of
December 27, 2005, between ZENITH NATIONAL INSURANCE CORP., a Delaware corporation (the "Company"), and BANK OF AMERICA, N.A., a national banking
association (the "Bank"). 

 
 

RECITALS    
    

        A.    The
Company and the Bank are party to that certain Amended and Restated Credit Agreement dated as of September 30, 2002 (as heretofore modified, amended or
supplemented, the "Credit Agreement"). Unless otherwise defined herein, defined terms used herein shall have the meanings given such terms in the Credit
Agreement. 

        B.    The
Company and the Bank have agreed to amend the Credit Agreement in certain respects. 

        NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the Company and the Bank agree as follows: 

        1.    Amendments.    Subject to satisfaction of the conditions precedent set forth in  Section 2 hereof, the Credit
Agreement is hereby amended as follows: 

        (a)   Section 7.10 of the Credit Agreement is amended to read in its entirety as follows: 

        "7.10    Minimum Surplus.    The Company shall not permit the Capital and Surplus of Z1C as
reported on a combined basis (a) as of the end of any fiscal quarter ended on or before September 30, 2005, to be less than $220,000,000, or (b) as of the end of any fiscal
quarter ended on or after December 31, 2005, to be less than 75% of the Capital and Surplus of Z1C as reported on a combined basis as of the end of the fiscal year ended immediately prior to
the end of such fiscal quarter." 

        (b)   Section 7.11 of the Credit Agreement is amended to read in its entirety as follows: 

        "7.11    Debt to Total Capitalization.    The Company shall not permit the Debt to Total
Capitalization Ratio (a) as of the end of any fiscal quarter ended on or before June 30, 2003, to exceed .25, (b) as of the end of any fiscal quarter ended on or after
September 30, 2003 and on or before September 30, 2005, to exceed .30, or (c) as of the end of any fiscal quarter ended on or after December 31, 2005, to exceed .20." 

        (c)   Section 7.12 of the Credit Agreement is amended to read in its entirety as follows: 

        "7.12    Risk-Based Capital.    The Company shall not permit the
Risk-Based Capital of Z1C, as reported on a combined basis (a) as of the end of any fiscal quarter ended on or before September 30, 2005, to fall below 150%, (b) as of
the end of the fiscal quarters ended December 31, 2005, March 31, 2006, June 30, 2006 and September 30, 2006, to fall below 135%, or (c) as of the end of any fiscal
quarter ended on or after December 31, 2006, to fall below 145%." 

        2.    Conditions Precedent to Amendments.    The amendments in  Section 1 hereof shall be effective as of the date
hereof when the Bank receives: 

        (a)   counterparts
of this Amendment duly executed by the Company and the Bank; 

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        (b)   a
certificate, dated as of the date hereof, of the Secretary or Assistant Secretary of the Company certifying that the Certificate of Incorporation of the Company
attached to that certain Certification of Certificate of Incorporation of Zenith National Insurance Corp., dated September 30, 2002, heretofore delivered to the Bank, is a true and complete
copy of the Company's Certificate of Incorporation, that it is in full force and effect as of the date hereof, and that there have been no additional filed or authorized amendments to it; 

        (c)   a
certificate, dated as of the date hereof, of the Secretary or Assistant Secretary of the Company certifying that the Bylaws of the Company attached to that certain
Certification of Bylaws of Zenith National Insurance Corp. dated September 30, 2002, heretofore delivered to the Bank, is a true and complete copy of the Company's Bylaws, that they are in full
force and effect as of the date hereof, and that there have been no additional amendments to them; 

        (d)   copies
of the resolutions of the board of directors of the Company authorizing the transactions contemplated hereby, certified as of the date hereof by the Secretary or
an Assistant Secretary of the Company, together with a certificate of the Secretary or Assistant Secretary of the Company certifying the names and true signatures of the officers of the Company
authorized to execute, deliver and perform, as applicable, this Amendment, and all other Loan Documents to be delivered by it hereunder; 

        (e)   payment
of all expenses, including legal fees and expenses of counsel to the Bank, incurred by the Bank in connection with this Amendment, to the extent invoiced to the
Company on or prior to the date hereof; and 

        (f)    such
other agreements, documents, instruments, and items as the Bank may reasonably request. 

        3.    Representations and Warranties.    The Company represents and warrants to the Bank as follows: 

        (a)   the
execution, delivery and performance by Company of this Amendment and the Credit Agreement, as amended hereby, have been duly authorized by all necessary corporate
action and do not and will not (i) require any consent or approval not heretofore obtained of any director, stockholder, security holder, or creditor of the Company or of any governmental
authority having jurisdiction over the Company, (ii) violate or conflict with any provision of the Company's certificate of incorporation or bylaws, (iii) violate any laws applicable to
the Company, or (iv) result in a breach of or constitute a default under, or cause or permit the acceleration of any obligation owed under, any indenture or loan or credit agreement or any
other material agreement to which the Company is a party or by which the Company or any of its property is bound or affected; 

        (b)   all
representations and warranties made or deemed made by the Company in the Loan Documents are true and correct as of the date hereof, except to the extent that such
representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties were true and accurate on and as of such earlier date) and except for
changes in factual circumstances not prohibited by the Credit Agreement; 

        (c)   no
Default or Event of Default has occurred and is continuing as of the date hereof; 

        (d)   except
as disclosed in publicly available filings made with the SEC, there has occurred since December 31, 2004, no event or circumstance that has resulted or
would reasonably be expected to result in a Material Averse Effect; and 

        (e)   the
Financial Strength/Claims Paying rating of the Insurance Subsidiaries by A.M. Best Company, Inc. is not less than A- as of the date hereof. 

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        6.    Effect of Amendment.    This Amendment is a Loan Document. The amendment effected hereunder is expressly limited
to the matters contained herein. Except as amended hereby, the Credit Agreement and the other Loan Documents are unchanged and are hereby ratified and confirmed. 

        7.    Counterparts.    This Amendment may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. 

        8.    Governing Law.    This Amendment shall be governed by and construed in accordance with the laws of the State of
California, without regard to conflict of laws principles. 

        9.    ENTIRETY.    THIS AMENDMENT, THE CREDIT AGREEMENT AS AMENDED
HEREBY, AND THE OTHER LOAN DOCUMENTS EMBODY THE ENTIRE AGREEMENT BETWEEN THE PARTIES AND SUPERCEDE ALL PRIOR AGREEMENTS AND UNDERSTANDINGS, IF ANY, RELATING TO THE SUBJECT MATTER HEREOF. THESE LOAN
DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

        10.    Parties.    This Amendment binds and inures to the benefit of the Company, the Bank, and their respective
successors and permitted assigns. 

[Remainder
of Page Intentionally Left Blank.

Signature Page Follows.] 

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	ZENITH NATIONAL INSURANCE CORP., as the Company	 
	

By:	

/s/  STANLEY R. ZAX      
 Name:  Stanley R. Zax

Title:    President and Chairman	

 
	
BANK OF AMERICA, N.A., as the Bank	

 
	

By:	

/s/  MICHAEL W. COLON      
 Name:  Michael W. Colon

Title:    Senior Vice President	

 

Signature Page to Fourth Amendment to Credit Agreement

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Exhibit 10.54

FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

RECITALS

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