Exhibit (d)(9)

           From:  Vincent T. Papa        Dawn Dover
                  (212) 332-8080         Robert Siegfried
                  Jeanne Hotchkiss       Kekst and Company
                  (860) 674-6754         (212) 593-2655

FOR IMMEDIATE RELEASE

     ORION CAPITAL PROCEEDING WITH CASH TENDER OFFER FOR 
                   GUARANTY NATIONAL SHARES


New York, New York, May 23, 1996 -- Orion Capital Corporation
acknowledged today that it has received a copy of a filing on
Schedule 14D-9 made by Guaranty National Corporation, reporting
that a Special Committee of Guaranty National's Board of Directors
declined to make any recommendation with respect to the Offer to
Purchase.  Commenting on the filing, Alan R. Gruber, the Chairman
and Chief Executive Officer of Orion Capital, said: "We believe
that the decision to make no recommendation is appropriate and
entirely consistent with Orion Capital's desire to make the offer
available to each and every stockholder of Guaranty National,
allowing each stockholder to make his or her own decision as to
whether to tender."

Orion's cash offer at $17.50 per share is presently scheduled to
remain open until midnight on June 5, 1996.  Subject to the terms
and conditions of the Offer, if shares are accepted for purchase
all shares validly tendered will be accepted, subject to proration
if more than 4,600,000 shares are validly tendered. 
 
Orion Capital also stated today that it has been served with a
complaint in an action entitled Eugenia Gladstone Vogel v. Guaranty
National Corporation, et al. which has been filed in the Supreme
Court for the State and County of New York.  The complaint seeks
damages and other relief allegedly arising out of the Offer to
Purchase.  An Orion spokesperson stated that in Orion's opinion the
claims made in the complaint are without merit and that Orion
intends vigorously to defend the litigation.  The spokesperson
stated that he understood that two other suits have been filed in
the state courts in Colorado alleging similar claims and seeking
similar relief.  Orion has not been served in either of these
actions.

Orion Capital Corporation is engaged in the specialty property and
casualty insurance business through wholly-owned subsidiaries which
include EBI Companies, DPIC Companies, Connecticut Specialty
Insurance Group, SecurityRe Companies and Wm. H.McGee & Co. Inc.,
as well as through its 49.5% ownership interest in Guaranty
National Corporation.
                                                                 
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