Bank of America Corp. (BAC) 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.

Most Popular Articles

NAR bans “pocket listings”

The National Association of Realtors board of directors voted 729-70 on Monday to ban the controversial practice of “pocket listings.”

Nov 12, 2019 By

Latest Articles

Congressional vote on “de facto QM Patch” postponed

The House Financial Services Committee postponed a vote on H.R. 2445 on Wednesday, a bill that would fix the so-called QM Patch that’s set to expire in early 2021.

Nov 15, 2019 By