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.
Bank of America completes sale of Balboa Insurance
Most Popular Articles
Latest Articles
NAF’s Gatling: Recognize that diverse communities are the norm
Mosi Gatling of New American Funding shared perspectives on housing conversations among diverse communities at The Gathering.
-
Buyers are struggling to compete in the white-hot Cincinnati market
-
HUD details funding, policy support for green homes and climate resilience
-
Pending home sales post a modest gain in March: NAR
-
Anywhere reports losses during the slower winter season
-
Wendy Forsythe joins eXp Realty as chief marketing officer