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ORION CAPITAL COMPLETES INITIAL PUBLIC OFFERING OF 50.4 PERCENT OF GUARANTY NATIONAL

              ORION CAPITAL COMPLETES INITIAL PUBLIC OFFERING
                   OF 50.4 PERCENT OF GUARANTY NATIONAL
    NEW YORK, Nov. 20 /PRNewswire/ -- Orion Capital Corporation (NYSE: OC) and Guaranty National Corporation (NYSE: GNC) announced that the sale of 6,250,000 shares, representing approximately 50.4 percent, of the common stock of Guaranty National Corporation at a price of $14.50 per share, was completed today.
    The public offering of the Guaranty National shares resulted in Orion's insurance subsidiaries receiving proceeds of $85 million, net of underwriting discounts and commissions.  The remaining 49.6 percent of the shares of Guaranty National common stock will continue to be held by Orion's insurance subsidiaries following the sale.
    -0-       11/20/91
    /CONTACT:  Vincent T. Papa, VP and treasurer of Orion Capital, 212-332-8080; or Michael L. Pautler, senior VP of Guaranty National, 303-790-8200; or Robert Siegfried or Roanne Kulakoff of Kekst & Company, 212-593-2655, for Orion Capital/
    (OC GNC) CO:  Orion Capital Corporation; Guaranty National Corporation ST:  New York IN:  INS SU: SH-CK -- NY058 -- 5473 11/20/91 13:24 EST
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Publication:PR Newswire
Date:Nov 20, 1991
Words:173
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