CALFED <CAL> FORMS INSURANCE UNIT
CalFed Inc said it has entered the
property-casualty insurance business through the formation of
Anglo-American Insurance Co Ltd, a London-based subsidiary
initially capitalized at 80 mln dlrs.
    The company said <London United Investment PLC> will share
equally in all risks, premiums and reinsurance with
Anglo-American and perform all underwriting activities for
Anglo-American.
    It said more than half of the venture's business is
expected to be in the U.S.
 Reuter
