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ORION CAPITAL CORPORATION ACQUIRES STAKE IN INTERCARGO CORPORATION; AGREEMENTS CALL FOR 20 PERCENT EQUITY INTEREST

 NEW YORK, Sept. 13 /PRNewswire/ -- Orion Capital Corporation (NYSE: OC) today announced that it has acquired a 9.8 percent stake in Intercargo Corporation (NASDAQ: ICAR), an insurance holding company specializing in international trade and transportation coverages, pursuant to agreements which would allow Orion to increase its interest in the Chicago-based firm to approximately 20 percent.
 Orion's initial interest in Intercargo has been acquired through the purchase for cash of 700,000 shares of Intercargo common stock in a private transaction with The Harper Group, Inc. (Harper), a San Francisco-based international integrated logistics and transportation management firm. Subject to regulatory approval, Orion plans to acquire Harper's remaining Intercargo holdings, or 306,484 shares, as well as 500,000 newly issued shares from Intercargo, for a total of 1,506,484 shares, all at prices which are in line with today's market level.
 Alan R. Gruber, Orion Capital chairman and chief executive officer said, "Intercargo has earned a solid position in its market segment by delivering responsive insurance products and services. In that regard, a stake in Intercargo is entirely consistent with Orion's strategy of focusing on well-defined business niches in the property and casualty industry."
 Orion Capital Corporation is engaged in the specialty property and casualty insurance business through various wholly owned insurance subsidiaries, and through its 49.3 percent-ownership interest in Guaranty National Corporation.
 -0- 9/13/93
 /CONTACT: Vincent T. Papa of Orion Capital Corporation, 212-332-8080, or Robert D. Siegfried or Leslie J. Uyeda of Kekst and Company, 212-593-2655, for Orion Capital Corporation/
 (OC ICAR)


CO: Orion Capital Corporation; Intercargo Corporation; The Harper
 Group, Inc. ST: New York; Illinois, California IN: INS SU: TNM


TS-OS -- NY092 -- 1455 09/13/93 16:24 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
Words:285
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