Bank of America completes sale of Balboa Insurance

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Fresh from being named over the weekend as a potential bidder in the forthcoming sale of UK insurer RBSI, sources have linked Berkshire Hathaway with a possible approach for Bank of America’s (BoA.

Bank of America agreed to offload its Balboa insurance portfolio to Australia’s QBE Insurance for more than $700 million, the latest in a string of asset sales by the U.S. lender as it recovers. "I completed a summer internship at Harrah’s in Lake Tahoe. one-stop-shop for all things financial and provides boutique, personalized service with Bank of America’s financial powerhouse supporting.

BofA Agrees To Sell Balboa Insurance Unit To QBE. Bank of America and QBE also entered into distribution agreements for insurance and real estate-owned programs and other consumer insurance products. The transaction is expected to be completed around mid-year. Shares in Bank of America slipped 2 cents to $14.41 in aftermarket trading.

Bank of America Corp. is selling its Balboa Insurance Co. to QBE Insurance Group of Sydney, Australia for $700 million. QBE also will assume $1.2 billion in liabilities from Balboa as part of the.

Balboa Insurance Group is your not-so-ordinary insurance company for it provides personal and commercial life, property and liability insurance by utilizing its subsidiaries, including Balboa life insurance company of New York, Meritplan Insurance Company, Balboa Life Insurance Company, Newport Insurance Company, and Newport E&S Insurance.

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Islam in America, 18th-21st Century In 2011 QBE purchased Balboa Insurance of California from the Bank of America. QBE Insurance is also known for its sponsorship of sports teams, including the Sydney Swans of the Australian Football League, the Sydney Roosters of the National Rugby League, the NSW Swifts of netball’s trans-Tasman ANZ Championship, the Perth Glory of the A-League.

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