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GRYPHON HOLDINGS INC. I.P.O. UNDERWRITERS EXERCISE OPTION

 NASHVILLE, Tenn., Jan. 6 /PRNewswire/ -- Willis Corroon Group plc (NYSE: WCG) ("Willis") has announced that, following the successful initial public offering in the United States and Canada and the concurrent international offering of shares in Gryphon Holdings Inc. ("Gryphon") on Dec. 21, 1993, the underwriters of the offering have exercised their option over 632,100 shares of common stock of Gryphon, at the initial public offering price of $13 per share, to cover over- allotments.
 The exercise of the option, which will be completed on Jan. 6, 1994, will yield net sale proceeds to Willis of approximately $7.6 million (approximately 5.1 million), further to the $49 million (33 million) received following the initial public offering itself.
 Willis's interest in Gryphon's issued shares of common stock is now reduced to 36.1%.
 The underwriters to the offering were Smith Barney Shearson; Goldman, Sachs & Co.; and Lehman Brothers.
 London-based Willis Corroon Group plc, one of the world's foremost insurance and reinsurance broking organizations, has a global network of risk management and loss control specialists developing and delivering professional insurance, reinsurance, financial, human resources consulting, and actuarial services to corporations, public entities, institutional clients, and individuals.
 -0- 1/6/94
 /CONTACT: Peter Stevens, 011-4471-481-7045, Kim Bradley, 615-872-3083, or Mary Fairchild, 615-872-3044, all of Willis Corroon/
 (WCG)


CO: Willis Corroon Group plc; Gryphon Holdings Inc. ST: Tennessee IN: INS SU: OFR

BR-TG -- AT011 -- 9792 01/06/94 13:20 EST
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Publication:PR Newswire
Date:Jan 6, 1994
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