Bank of America completes sale of Balboa Insurance
Bank of America Corp. ($13.24 0.03%) 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.
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