Exhibit (d)(13) 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 GUARANTY NATIONAL RECOMMENDS ACCEPTANCE OF ORION CAPITAL CASH TENDER OFFER FOR GUARANTY NATIONAL SHARES AT INCREASED PRICE OF $18.50 PER SHARE; OFFER EXTENDED TO JULY 1, 1996 New York, New York, June 18, 1996 -- Orion Capital Corporation (NYSE: OC) today announced that the Board of Directors of Guaranty National Corporation (NYSE: GNC), pursuant to the recommendation of its Special Committee, has now recommended that Guaranty National's shareholders accept the outstanding Offer to Purchase by Orion and certain subsidiaries of up to 4,600,000 shares of Guaranty National common stock. The offered price has been increased from $17.50 per share to $18.50 per share in cash and the Expiration Date of the Offer has been extended to July 1, 1996. In response to a request made by the Special Committee, Orion has conditioned its revised offer on the receipt by it of a minimum of 3,776,000 validly tendered shares. Orion stated that through the close of business on June 17, 1996, 3,444,509 shares of Guaranty's Common Stock have been tendered pursuant to the Offer. The Offer continues to be subject to proration if more than 4,600,000 shares of common stock are validly tendered. 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. ###