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HARPER GROUP SELLS STAKE IN INTERCARGO CORP. TO ORION CAPITAL

 SAN FRANCISCO, Sept. 13 /PRNewswire/ -- The Harper Group Inc. (NASDAQ-NMS: HARG) today announced that it has sold 70 percent of its stake in Intercargo Corp. to Orion Capital Corp. Orion's initial interest in Intercargo, an insurance holding company specializing in international trade and transportation coverages, was acquired through the purchase for cash of 700,000 shares (9.8 percent) of Intercargo common stock in a private transaction with Harper today. Later this year, subject to regulatory approval, Harper will sell its remaining Intercargo holdings of 306,484 shares to Orion.
 Harper expects to record an after-tax gain from this sale of approximately $2,000,000 (or 12 cents per Harper Group share) during the third quarter of 1993. The gain from the balance of the shares, approximately $800,000 (or 5 cents per Harper Group share), will be recorded at the time of the later sale.
 The Harper Group Inc. is headquartered at 260 Townsend Street, San Francisco, CA 94107, telephone 415-978-0600. Major subsidiaries include Circle Airfreight Corp., Circle Freight International, Harper Robinson & Co., Sekin Transport International, Max Gruenhut International and Harper Freight International air and ocean freight forwarding, transportation management and customs brokerage operations.
 -0- 9/13/93
 /CONTACT: Nanci Tangeman, public relations manager or Michael Cromar, chief financial officer for the Harper Group, Inc., 415-978-0600/


CO: The Harper Group Inc.; Intercargo Corp.; Orion Capital Corp. ST: California IN: FIN TRN SU:

PK -- SF014 -- 1541 09/13/93 19:44 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
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