INSURANCE BRIEFS

INSURANCE BRIEFS

MARSHALL FIELD'S SOLD

BY B.A.T. SUBSIDIARYAs part of a restructuring plan for London-based B.A.T. Industries PLC, the company's U.S. subsidiary announced Thursday that it had entered into an agreement to sell its Marshall Field's subsidiary to Dayton Hudson Corp., for $1.04 billion in cash.

Additional considerations may bring the total price to $1.1 billion, B.A.T.'s Batus subsidiary said.

Since last summer, B.A.T., the parent of Farmers Insurance Group, has been fighting a hostile takeover attempt by U.K. investor Sir James Goldsmith. B.A.T.'s restructuring includes the sale of all its U.S. retail operations, including its Saks Fifth Avenue store.

NJ ETHICS PANEL FINDS

NO CONFLICT OF INTEREST

TRENTON, N.J. - A state ethics panel ruled Thursday that New Jersey's new insurance commissioner, Samual Fortunato, doesn't have a conflict of interest

because of his pension from the Metropolitan Life Insurance Co.

The Executive Commission on Ethical Standards, a panel composed of officials from both the state Senate and state Assembly, decided Thursday that he wouldn't have to relinquish his pension and other benefits from MetLife, which total more than $100,000 annually.

Mr. Fortunato retired in 1986 as chairman and chief executive officer of the Metropolitan Property and Casualty Co.

The ethics hearing was requested by Gov. Jim Florio.

Mr. Fortunato has said he would remove himself from any decisions involving his former employers.

DUTCH INSURER TO BUY

A 22 PERCENT STAKE IN AIM

WASHINGTON - Nationale-Nederlanden NV, a Dutch insurance group, said Wednesday that it has reached an agreement in principle to purchase approximately 22 percent of the outstanding stock of AIM Management Group Inc. and all of a new issue of convertible preferred stock, with an option to acquire a majority interest in the future.

Subsidiaries of Houston-based AIM Management Group's provide investment management to institutional and retail mutual funds. As of Dec. 31, AIM's assets under management were approximately $13.3 billion.

Nationale-Nederlanden has operations in 21 countries. Assets as of Dec. 31 were in excess of $48 billion and 1989 revenues amounted to approximately $12 billion.

Nationale-Nederlanden North America Corp., Washington, oversees Nationale- Nede rlanden's U.S. operations.

DEBATE POSTPONED

ON CROP INSURANCE BILL

WASHINGTON - The drafting of Rep. Glenn English's crop insurance bill, initially scheduled for Thursday, has been indefinitely postponed because House Agriculture Committee members disagree over how the program should be reformed, a spokesman for the Oklahoma Democrat said.

Under Rep. English's $1 billion proposal, the government would provide basic assistance of at least 30 percent of a farmer's yield in case of droughts or other disasters. Farmers could purchase additional crop insurance if needed.