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ORION CAPITAL CORPORATION ANNOUNCES RESULTS OF $2.125 PREFERRED STOCK REDEMPTION

 NEW YORK, Jan. 22 /PRNewswire/ -- Orion Capital Corporation (NYSE: OC) announced today that it completed the call for redemption of the company's $2.125 convertible exchangeable preferred stock ("$2.125 preferred stock"). Holders owning approximately 1,177,000 shares, representing 98 percent of the shares of $2.125 preferred stock outstanding, opted to convert their holdings into common stock, and the remaining 23,000 shares of the $2.125 preferred stock were redeemed by the company at a total cost of approximately $604,000. The conversion of the $2.125 preferred stock resulted in the issuance of approximately 1,140,000 new shares of Orion Capital common stock, increasing the total number of shares of common stock outstanding to 11,617,000.
 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- 1/22/93
 /CONTACT: Vincent T. Papa of Orion Capital, 212-332-8080; or Robert D. Siegfried of Kekst and Company, 212-593-2655, for Orion Capital/
 (OC)


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

GKOS -- NY047 -- 7967 01/22/93 14:03 EST
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Publication:PR Newswire
Date:Jan 22, 1993
Words:195
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