Bank of America completes sale of Balboa Insurance

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QBE says it has completed its acquisition of Balboa Insurance from Bank of America.

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Bank of America Corp. [stock BAC][/stock] finalized the sale of Balboa Insurance Co., a property and casualty insurer that the bank acquired from Countrywide Financial Corp. BofA said earlier this.

Bank of America Corp. has completed the sale of property and casualty insurance assets and liabilities of its Balboa Insurance Co. to QBE Insurance Group of Sydney, Australia.

QBE Selling Lender-Placed Insurance Business for $90M. QBE became the second-largest lender-placed insurer in the U.S. after its purchase of Balboa Insurance Co. from Bank of America Corp. in 2011. The company was fined $10 million two years later by New York’s financial services regulator after a probe into kickbacks insurers in the industry paid to banks in exchange for business.

Bank Of America – Balboa Insurance Group 310400. Usacomplaints.com Complaint review text I have a home that I mortgaged with Bank of America in April 2007. Over the course of time the home owner insurance sold through their insurance sales arm had price bump ups and multiple document requests.

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Meritplan, and sister company Newport Insurance Company of Phoenix, Arizona, are wholly owned subsidiaries of Balboa Insurance Group. Balboa Insurance Group is owned by Bank of America’s BA Insurance Group, Inc. Bank of America announced the intention to sell the insurance companies to Australia-based QBE Insurance Group Limited in 2011.