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                                                                    EXHIBIT 99.1


                      RISCORP SHAREHOLDERS APPROVE MERGER



         JULY 21, 2000, SARASOTA, FLORIDA. RISCORP, Inc. announced that
yesterday its shareholders had approved the amended plan and agreement of merger
with Griffin Acquisition Corp., a company controlled by William D. Griffin, the
majority shareholder of RISCORP, and that the parties had closed the merger and
related transactions. As a result of the merger, holders of the Class A Common
Stock will receive $3.075 per share in cash, plus a contingent right to an
additional pro rata cash amount if RISCORP recovers any amounts from Zenith
Insurance Company in connection with the litigation currently pending between
the parties. RISCORP intends to terminate its duty to file reports under the
Securities Exchange Act of 1934, as amended by filing a Form 15 with the
Securities and Exchange Commission