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ORION CAPITAL CORPORATION ANNOUNCES CASH DIVIDEND INCREASE AND 5-FOR-4 COMMON STOCK SPLIT

 NEW YORK, Sept. 10 /PRNewswire/ -- Orion Capital Corporation's (NYSE: OC) board of directors declared the company's sixty-first regular quarterly dividend on its common stock at the rate of $.225 per share, which represents a 12.5 percent increase over the previous rate of $.20 per share. The cash dividend is payable on Oct. 1, 1993 to shareholders of record on Sept. 21, 1993.
 The board also declared a 5-for-4 split of the company's common stock to shareholders of record on Oct. 15, 1993. On a post-split basis, the new quarterly rate will be $.18 per share, up from $.16 per share.
 Alan R. Gruber, chairman and chief executive officer, stated that, "Orion commenced dividend payments in October 1978 at the quarterly rate of $.075 per share ($.048 after adjusting for stock splits). Since then we have had the pleasure and good fortune to be able to increase our common stock dividend nine times. The actions taken by our board today are further recognition of Orion's excellent operating performance and its continued bright outlook."
 Certificates representing the new shares arising out of the stock split will be issued on Nov. 15, 1993. Shareholders will receive cash in lieu of any fractional shares. The stock split raises the number of shares of the company's common stock outstanding to approximately 14.5 million shares from its current level of approximately 11.6 million shares.
 Orion Capital 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- 9/10/93
 /CONTACT: Vincent T. Papa of Orion Capital Corporation, 212-332-8080, or Leslie Uyeda or Robert D. Siegfried of Kekst & Company, 212-593-2655/
 (OC)


CO: Orion Capital Corporation ST: New York IN: INS SU: DIV

MP-OS -- NY036 -- 0758 09/10/93 12:57 EDT
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Publication:PR Newswire
Date:Sep 10, 1993
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