HIGH-RISK DRIVERS, who are over 65 years, under 25 or have bad records, will be insured by a new company, National Emblem Insurance. It was set up by Allstate Insurance to keep from raising policy prices to better risks. In National Emblem a 22-year-old male pays $296 a year, v. Allstate's $73.70.

U.S. AIRLIFT EXPANSION will bring $120 million in business to Boeing for 30 C-135 jet transports and $80 million to Lockheed for an additional 23 C-130 turboprop transports. Jet deliveries will start in June at the rate of two a month; C-130 deliveries, already at the rate of four a month, will be boosted to eight.

MEXICAN ENGINE PLANT being discussed as joint venture by American Motors and Willys Motors touched off merger speculation. A marriage with Willys, with its far-flung international operation, would give American Motors a stronger position in the growing world auto market, plus a foot in the truck market through the Willys Jeep light trucks.

CAPITAL-UNITED MERGER won tentative approval of the Civil Aeronautics Board. Consolidation, which will take place this spring, will make United the nation's largest airline, save debt-ridden Capital from bankruptcy.

MERGER COCKTAIL is being mixed by National Distillers (Old Crow, Gilbey's) and Bridgeport Brass Co. to create bigger National Distillers, with assets of $625 million. As unlikely at first glance as marriage of a parson and a show girl, merger would actually make good sense because National, second biggest U.S. maker of polyethylene (first: Union Carbide), also owns 60% of Reactive Metals, Inc. (zirconium, titanium, tantalum, columbium), managed by Bridgeport.

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