Bank of America Completes Sale of Balboa Insurance Business to QBE
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CHARLOTTE, N.C., Jun 01, 2011 (BUSINESS WIRE) -- Bank of America Corporation today announced that it has completed the sale of the lender-placed and voluntary property and casualty insurance assets and liabilities of Balboa Insurance Company and affiliated entities to QBE Insurance Group. The companies first announced the sale agreement in February.
The sale is consistent with Bank of America's strategy to focus on businesses that directly serve customers and clients around the world, while continuing to strengthen its balance sheet.
QBE has purchased substantially all of the insurance liabilities and certain other assets of the Balboa business in exchange for QBE's acquisition of an equivalent amount of cash and other assets through a reinsurance transaction 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.
Balboa Insurance was acquired by the former Countrywide Financial Corporation in 1999. Bank of America acquired Countrywide in 2008.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with approximately 5,800 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
SOURCE: Bank of America
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