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ORION CAPITAL CORPORATION DECLARES QUARTERLY DIVIDENDS ON COMMON AND PREFERRED STOCKS; ELECTS WARREN R. LYONS TO BOARD OF DIRECTORS

ORION CAPITAL CORPORATION DECLARES QUARTERLY DIVIDENDS ON COMMON AND
 PREFERRED STOCKS; ELECTS WARREN R. LYONS TO BOARD OF DIRECTORS
 NEW YORK, Sept. 9 /PRNewswire/ -- Orion Capital Corporation's (NYSE: OC) board of directors today declared the company's 57th regular quarterly dividend on its common stock at a rate of $.23 per share, and declared quarterly dividends on its $2.125 convertible exchangeable preferred stock, on its $1.90 convertible exchangeable preferred stock and on its adjustable rate preferred stock of $.53125 per share, $.475 per share and $1.06875 per share, respectively, all of which are payable on Oct. 1, 1992, to shareholders of record on Sept. 21, 1992.
 Orion Capital Corporation today also announced that it has elected Warren R. Lyons as a director of the company, increasing the board from 13 to 14 members.
 Lyons is president of AVCO Financial Services of Irvine, Calif., a Textron, Inc. subsidiary. Prior to assuming his current position, Lyons was a group vice president of Textron responsible for the operations of the firm's life insurance, financial and investment management subsidiaries. Lyons has also served as chief operating officer of two financial services subsidiaries of Teledyne, Inc.
 Alan R. Gruber, chairman and chief executive officer, said "Warren is very knowledgeable and experienced in the financial services industry and, through AVCO's worldwide interests, brings an extremely broad perspective to our company. We are looking forward to working closely with him."
 Lyons, who is 47, holds JD and MBA degrees from Stanford University, where he also completed his undergraduate studies, cum laude. He is a member of the California Bar.
 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 (NYSE: GNC).
 -0- 9/9/92
 /CONTACT: Vincent T. Papa of Orion Capital, 212-332-8080, or Robert D. Siegfried of Kekst & Co., 212-593-2655, for Orion Capital/
 (OC GNC) CO: Orion Capital Corporation; Guaranty National Corporation ST: New York IN: FIN SU: DIV PER


PS-TM -- NY075 -- 7681 09/09/92 16:43 EDT
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Publication:PR Newswire
Date:Sep 9, 1992
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