INSURANCE

New Bids for First Capital: Three of the four groups bidding for control of failed First Capital Life Insurance Co. of San Diego--Shearson Lehman Bros, Transamerica Occidental Life and Pacific Mutual Insurance--have amended their offers. Pacific Mutual said it would provide First Capital policyholders with 90% of future profit-sharing revenue. The company had previously offered policyholders 75%. Shearson’s revisions included changes designed to make it easier for First Capital policyholders to use their policies to obtain loans. Those who hold a First Capital policy for one year would have the right to surrender that policy for a cash payment under an amendment offered by Transamerica. A Los Angeles Superior Court judge will determine the winning bid.