CalFed plans to enter high-risk insurance writing.

The nation’s fourth-largest thrift holding company, the parent of California Federal Savings & Loan Assn., will invest $80 million in a London-based venture. CalFed bought a life insurer in 1984 and last May invested $10 million in an underwriting syndicate on the Chicago Insurance Exchange to test its plans to move into the new field. The company was satisfied with the results and decided to proceed with formation of the new venture, Anglo-American Insurance Co. The move is part of CalFed’s effort to reduce its reliance on fluctuations in the real estate lending market.