BRIEFS

BRIEFS

AIG BUYS MAJORITY SHARE

IN EL SALVADOR INSURERNEW YORK - American International Group bought a majority share in Union y Desarrollo SA, a Salvadoran life and non-life insurer.

''We are pleased, through this association with Union y Desarrollo, to bring to El Salvador the underwriting expertise, capacity and innovative insurance products and services for which AIG is renowned,'' said Martin Sullivan, AIG senior vice-president.

The company is to be renamed AIG-Union y Desarrollo, SA.

MMI ACQUIRES STAKE

IN 1 FIRM, BUYS ANOTHER

DEERFIELD, Ill. - Unionamerica Holdings PLC plans to buy a significant minority interest in Marketform, the only dedicated malpractice underwriter in the international insurance arena operating from the London market. Unionamerica is a subsidiary of MMI Cos.

MMI also said it is buying Moore Fischer Coddington, a Denver-based health-care strategic consulting firm that will become part of MMI management consulting subsidiary McManis Associates Inc.

HARTFORD DECLARES

2-FOR-1 SPLIT

HARTFORD, Conn. - The Hartford Financial Services Group Inc. has declared a 2-for-1 split of the company's common stock. The split will be in the form of a 100 percent stock dividend, in which one new share of common stock will be issued and distributed for each outstanding share.

The date for the stock split will be the close of business on June 24, 1998, and the distribution date will be July 15, 1998.

The Hartford currently has approximately 117.9 million shares outstanding.

MEADOWBROOK ACQUIRES

TWO FLORIDA COMPANIES

SOUTHFIELD, Mich. - Meadowbrook Insurance Group Inc. and its insurance company subsidiary, Star Insurance Co., plan to purchase for cash Florida Preferred Administrators Inc. and Ameritrust Insurance Corp. located in Sarasota, Florida.

Florida Preferred provides a broad range of risk management services to purchasers of workers compensation insurance from Ameritrust as well as other insurance carriers.

In 1997, Florida Preferred underwrote more than $22 million of gross written premium produced by a network of Florida agents and brokers.

FRANKLIN MUTUAL WANTS

MERCER HEARING DELAYED

BRANCHVILLE, N.J. - Franklin Mutual Insurance Co. said it has filed a motion with the Insurance Department of Pennsylvania requesting that a hearing on Mercer Mutual Insurance Co.'s application to demutualize be postponed.

Also, Franklin petitioned the insurance department to permit it to intervene in the hearing and requested a full adjudicatory hearing with regard to Mercer's plan of conversion.

In making its request, Franklin said Mercer's policyholders have not been informed about a proposal by Franklin, which would result in cash payments to Mercer's policyholders of $23 million or more.

George H. Guptill Jr., president of Franklin, said, ''Mercer has twice refused to make its policyholder list available to Franklin so that Franklin could communicate with its fellow Mercer policyholders about these alternatives. This is a great disservice to the Mercer policyholders and is unconscionable.''