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2 MILLION OLD LYME HOLDING CORPORATION COMMON SHARES OFFERED AT $10 PER SHARE

 NEW YORK, Aug. 17 /PRNewswire/ -- The Chicago Corporation and Northington Capital Markets, Inc., co-managers of the underwriting group, announced today the initial public offering of 2 million shares of Old Lyme Holding Corporation common stock at $10 per share. Of these shares, 1,500,000 are being sold by the company and 500,000 are being sold by a selling shareholder. The company and its selling shareholder have granted the underwriters a 30-day option to purchase up to 300,000 additional shares to cover over-allotments, if any.
 Net proceeds to the company will be used to contribute to the capital and surplus of its subsidiary, Old Lyme Insurance Company of Rhode Island, Inc.
 The common stock of Old Lyme Holding Corporation will trade on the NASDAQ National Market System under the symbol OLHC.
 Headquartered in New York, Old Lyme Holding Corporation is an insurance company which, through its subsidiaries, Old Lyme Insurance Company of Rhode Island, Inc. and Old Lyme Insurance Company, Ltd., underwrites property and casualty risks for certain markets with similar risk characteristics.
 This news 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- 8/17/93
 /CONTACT: Bruce D. Guthart, president, Old Lyme Holding Corporation, 212-210-9259; or Walter Fitzgerald of The Chicago Corporation, 312-855-7600/
 (OLHC)


CO: Old Lyme Holding Corporation ST: New York IN: INS SU: OFR

JG-KE -- DE016 -- 3769 08/17/93 17:57 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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