10-Q/A

   1

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-Q/A
                                   AMENDMENT 1

                 QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

 For Quarter Ended   March 31, 1996 Commission file number   0-5537

                              GRYPHON HOLDINGS INC.
             (Exact name of registrant as specified in its charter)

            DELAWARE                                 13-3287060
(State or other jurisdiction of                   (I.R.S. Employer
incorporation or organization)                   Identification No.)

30 WALL STREET, NEW YORK, NEW YORK                   10005-2201
(Address of principal executive offices)             (zip code)

Registrant's telephone number, including area code:(212)   825-1200

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                             Yes    x        No

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

            Class                           Outstanding at March 31, 1996
- ----------------------------                -----------------------------
COMMON STOCK, PAR VALUE $.01                           6,648,050
   2
                              Gryphon Holdings Inc.

                                TABLE OF CONTENTS


PART II.  OTHER INFORMATION                                          PAGE
                                                                     ----
                                                                  
Item 6.   Exhibits and Reports on Form 8-K .........................   3
Signatures .........................................................   4

Ex-27 ..............................................................   5


                                       2
   3
PART II.  OTHER INFORMATION

Item 6.   Exhibits and Reports on Form 8-K


Exhibit No.   Description                                 Page
- -----------   -----------                                 ----

                                                        
EX-27     Financial Data Schedule                          5


                                       3
   4
                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                          GRYPHON  HOLDINGS  INC.
                                          -----------------------
                                          (Registrant)

Date:   July  22,  1996                   Stephen  A. Crane
                                          -----------------------
                                          STEPHEN A. CRANE
                                          President & Chief Executive Officer

Date:   July  22,  1996                   Robert P. Cuthbert
                                          -----------------------
                                          ROBERT P. CUTHBERT
                                          Senior Vice President &
                                          Chief Financial Officer
                                          (Principal Financial and
                                          Accounting Officer)

                                       4

EX-27

 

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<CIK> 0000912558
<NAME> GRYPHON HOLDINGS INC.
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