ORION CAPITAL CORP <OC> 4TH QTR LOSS Shr loss 9.42 dlrs vs loss 3.85 dlrs Net loss 55.5 mln vs loss 21.4 mln Revs 114.9 mln vs 120.0 mln Avg shrs 6,460,000 vs 5,719,000 Year Shr loss 6.80 dlrs vs loss 4.77 dlrs Net loss 36.0 mln vs loss 26.2 mln Revs 478.9 mln vs 437.9 mln Avg shrs 6,016,000 vs 5,713,000 Note: Net includes realized capital gains of 2,610,000 vs 2,442,000 for qtr and 18.1 mln vs 13.6 mln for year. 1986 net also includes gain on termination of pension plan of 2,614,000 for qtr and year, and tax loss of 3,605,000 for qtr. Includes pretax gain from sale of common stock in Guaranty National Corp of 5,722,000 for year. Revised estimated calculation of workers compensation earned premiums decreased 1986 earned premiums by 10 mln. Year-ago results restated to reflect deconsolidation of Guaranty National.