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1,650,000 EXSTAR FINANCIAL CORPORATION INITIAL COMMON SHARES OFFERED AT $13.50 PER SHARE

 CHICAGO, Dec. 18 /PRNewswire/ -- The Chicago Corporation, manager of the underwriting syndicate, announced today the initial public offering of 1,650,000 shares of Exstar Financial Corporation common stock at $13.50 per share. Of the total, 1,450,000 shares are being sold by the company and 200,000 shares by a selling stockholder.
 Net proceeds to the company will be used to increase the policyholders' surplus of its insurance subsidiaries, to repay debt and for general corporate purposes, including possible future acquisitions.
 The common stock of Exstar Financial Corporation will trade on the NASDAQ National Market System under the symbol EXTR.
 Headquartered in Solvang, Calif., Exstar Financial Corporation is an insurance holding company engaged, through its insurance subsidiaries, in the underwriting of specialized lines of casualty insurance on a surplus lines basis. Its insurance subsidiaries are Transco Syndicate Number 1 Ltd. and Alpine Insurance Company, both based in Illinois.
 -0- 12/18/92
 /CONTACT: Steven C. Shinn, executive vice president of Exstar Financial Corporation, 805-688-8013, or Walter D. Fitzgerald of Chicago Corporation, 312-855-7600, for Exstar Financial Corporation/
 (EXTR)


CO: Exstar Financial Corporation; Chicago Corporation ST: California IN: INS SU: OFR

TM-OS -- NY076 -- 8410 12/18/92 16:50 EST
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Publication:PR Newswire
Date:Dec 18, 1992
Words:201
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