Bank of America Corp. ($7.95 -0.16%) finalized the sale of Balboa Insurance Co., a property and casualty insurer that the bank acquired from Countrywide Financial Corp.

BofA said earlier this year it would sell Balboa to QBE Insurance Group for $700 million.

The sale essentially allows BofA to offload all of the property and casualty insurance assets of Balboa Insurance Co.

QBE Insurance also acquired cash and other assets through a reinsurance transactions with Balboa.

"The transaction includes long-term distribution agreements with Bank of America in connection with lender-placed insurance and real estate owned programs and certain other voluntary consumer insurance lines and associated services," the banking giant said in a statement.

Write to Kerri Panchuk.