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INITIAL PUBLIC OFFERING OF SPHERE DRAKE HOLDINGS LIMITED

 NEW YORK, July 1 /PRNewswire/ -- Sphere Drake Holdings Limited announced on June 30 the filing of a registration statement with the Securities and Exchange Commission for the initial public offering of 8,500,000 common shares.
 The offering is being underwritten by a group of underwriters for whom Smith Barney, Harris Upham and Co. Incorporated, Lazard Freres and Co. and Salomon Brothers Inc. are acting as representatives.
 The underwriters have been granted an overallotment option to purchase an aggregate of up to an additional 1,275,000 common shares. The common shares have been approved for listing on the New York Stock Exchange under the symbol SD, subject to official notice of issuance.
 Sphere Drake underwrites property and casualty insurance and reinsurance in the London market. The London market is comprised of Lloyd's of London and the "companies market" - companies that underwrite insurance and reinsurance business and transact such business in close proximity to Lloyd's. The company's business predominantly consists of a wide range of marine and aviation and non-marine insurance and reinsurance business in the London market. In addition, the company participates in the alternative risk transfer market in Bermuda.
 It is anticipated that U.S. dollars 150 million of the proceeds from the offering will be used to increase the capital of the issuer's operating insurance subsidiaries to permit such companies to write additional business.
 The balance of the proceeds will be used to redeem pounds sterling 3 million outstanding preference shares and for general corporate purposes.
 The company believes that the additional capital raised in the offering will better position Sphere Drake to take advantage of improving market opportunities.
 Note: A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 7/1/93
 /CONTACT: Ian Dean, Chairman or Paul Philo or Keiran Walsh, Company Secretary, Sphere Drake, 011-44-71-480-7340, or Lesley Payne, RDDA Marketing Communications, 011-44-372-468622/


CO: Sphere Drake Holdings Limited ST: IN: SU: OFR

LG -- NY074 -- 7812 07/01/93 14:14 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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