Exhibit 99.2
For Immediate Release
Monday, October 14, 1996


                  CHARTWELL RE CORPORATION ANNOUNCES
                        PURCHASE OF SHARES OF
                      ARCHER GROUP HOLDINGS plc

Stamford,  Connecticut - October 14, 1996 -- Chartwell Re  Corporation
("Chartwell")  (NYSE:  CWL) announced that,  following today's earlier
confirmation  of a recommended  cash offer for Archer Group  Holdings,
plc ("Archer")(LSE:AAJ.L), Chartwell Holdings Limited, a newly-formed,
indirect  wholly-owned  subsidiary  of  Chartwell,  has, this morning,
purchased 9,300,000 Archer Shares, representing approximately 24.6 per
cent of the issued share  capital of Archer,  at a price of 92.5 pence
per Archer Share.

The Archer Shares were purchased through Cazenove & Co.

On 11 October, 1996, Chartwell Reinsurance Company purchased 2,027,100
Archer  Shares,  representing  approximately  5.4 per cent of Archer's
issued share capital.

As announced  earlier today in connection  with the Offer,  the Archer
directors and certain others have irrevocably  undertaken to Chartwell
Holdings  Limited  to accept  the  Offer in  respect  of their  entire
holdings of Archer Shares,  representing an aggregate of approximately
22.4 per cent of Archer's  issued share  capital.  These  undertakings
continue to be binding in the event of a higher offer for Archer.

As a result, the Chartwell Group currently owns or has undertakings to
accept the Offer in respect  of an  aggregate  of 52.3 per cent of the
issued ordinary share capital of Archer.

FOR FURTHER INFORMATION CONTACT:
        Steven J. Bensinger, President
        Tel: (London) until October 16, 1996: 011-44-1-71-369-3000
        Tel: (Stamford) 203-705-2520
        Nancy B. Saltzman, Investor Relations - Tel: 203-705-2532