[GRAPHIC  OMITED]



July  25,  2003

AT  THE  COMPANY:
Douglas  Symons
(317)259-6413
E-mail:   dsymons@sigins.com



                 GORAN CAPITAL INC. ANNOUNCES THE RETIREMENT OF
        G. GORDON SYMONS AS CHAIRMAN OF THE BOARD OF ITS SUBSIDIARY, SYMONS
                            INTERNATIONAL GROUP, INC.


Toronto, ON (July 25, 2003) - Goran Capital Inc. (TSE: GNC), a leading specialty
insurer  today  announces  the retirement of G. Gordon Symons as Chairman of the
Board  of  the  Company's  subsidiary,  Symons  International  Group,  Inc.

The  Company today announced the retirement of G. Gordon Symons as Chairman of
the  Board of Symons International Group, Inc. and its subsidiaries.  Mr. Symons
will remain as Chairman of the Company's parent, Goran Capital Inc., and its two
subsidiaries,  Granite  Reinsurance  Company Ltd. and Granite Insurance Company.
Mr.  Symons  was  the  Chairman of the Board of Symons International Group, Inc.
since  its  formation  in 1987.  He has served as Chairman of the Board of Goran
Capital  Inc.  since  its  formation  in  1986.

In  announcing  his retirement from Symons International Group, Inc., Mr. Symons
stated,  "I  wish to concentrate my efforts on the business of Goran Capital and
in  particular,  the  opportunities  that  Granite  Reinsurance  Company  is now
pursuing.  For the past year I have been working closely with the new management
of  Symons  International  Group,  Inc.  to improve its performance and focus on
profitability.  I  am  very  pleased with the changes that have been implemented
and  the  management  team  that  has  been  put  in  place."

Douglas  Symons  has been elected by the Board of Directors to fill the position
of  Chairman  of  the  Board of Symons International Group, Inc.  Douglas Symons
stated,  "The employees, officers, and directors wish to thank Mr. Gordon Symons
for  his  leadership  and  commitment  throughout  the  past  16  years  and are
appreciative  of his continued support as Chairman of the Board of Goran Capital
Inc.".