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OVER-ALLOTMENT OF EXSTAR FINANCIAL CORPORATION INITIAL COMMON SHARES FULLY EXERCISED, COMPLETING THE OFFERING

 CHICAGO, Jan. 13 /PRNewswire/ -- The Chicago Corporation, manager of the underwriting syndicate, announced today that the over-allotment of Exstar Financial Corporation (NASDAQ-NMS: EXTR) initial common shares has been fully exercised, completing the company's initial public offering announced Dec. 18, 1992.
 The additional 217,500 shares sold by the company and 30,000 by a selling stockholder, brings the total initial public offering to 1,897,500 common shares, sold at $13.50 per share. Of the total, 1,667,500 shares were sold by the company and 230,000 by a selling stockholder.
 Net proceeds to the company will be used to increase the policyholders' surplus of its insurance subsidiaries, to repay debt and for general corporate purposes, including possible future acquisitions.
 Headquartered in Solvang, Calif., Exstar Financial Corporation is an insurance holding company engaged, through its insurance subsidiaries, in the underwriting of specialized lines of casualty insurance on a surplus lines basis. Its insurance subsidiaries are Transco Syndicate No. 1 Ltd. and Alpine Insurance Company, both based in Illinois.
 -0- 1/13/93
 /CONTACT: Sue Hanania of The Chicago Corporation, 312-855-7600; or Steven C. Shinn, executive vice president, Exstar Financial Corporation, 805-688-8013/
 (EXTR)


CO: Exstar Financial Corporation; The Chicago Corporation ST: California, Illinois IN: INS SU: OFR

DH -- DE015 -- 4459 01/13/93 13:41 EST
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Publication:PR Newswire
Date:Jan 13, 1993
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