dividend payable on the company's common shares by 20 percent (five cents) to 30 cents per share.

The dividend will be paid on October 21, 1993, to shareholders of record on October 7, 1993.

EXEL's board of directors has also authorised the company to repurchase up to one million of its shares as circumstances warrant.

"These actions reflect the strong capital position of the company and our confidence about the future,'' said Mr. Michael Kevany, EXEL's president and CEO.

"They follow the announcement of our record third quarter and nine months earnings last week.'' Following the announcement, EXEL's stock went up by $7 to $467 on the New York Stock Exchange on Friday.