Exhibit (d)(12) 
     

                               

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 EXTENDS CASH TENDER OFFER TO JUNE 19, 1996
                  FOR GUARANTY NATIONAL SHARES 
                       
                           
                  
New York, New York, June 11, 1996 -- Orion Capital Corporation
(NYSE: OC), today announced the extension to June 19, 1996 of the
Offer to Purchase by Orion and certain of its subsidiaries of up to
4,600,000 shares of Guaranty National Corporation common stock 
(NYSE: GNC) for cash of $17.50 per share.  Subject to the terms and
conditions of the Offer, any and all shares validly tendered will
be accepted, subject to proration if more than 4,600,000 shares of
common stock are validly tendered

Orion also stated that through the close of business on June 7,
1996, 2,974,117 shares of Guaranty's Common Stock have been
tendered pursuant to the Offer.

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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