Eleven railroads formed an insurance corporation.

Union Pacific Corp. and 10 other railroads, stripped of their insurance coverage for catastrophic losses, have formed a new insurance corporation to fill gaps in coverage for high-cost accidents. The railroads formed Railroad Assn. Insurance Ltd. last month to provide coverage for claims of more than $50 million. Later this month, railroad insurance directors will meet to discuss forming a second group to insure losses between $25 million and $50 million.