Filed Under:Markets, Reinsurance

QBE Completes Purchase Of Balboa Insurance

NU Online News Service, June 3, 1:57 p.m. EDT

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

The transaction, first announced in February, includes a long-term distribution agreement with Bank of America for lender-placed and voluntary homeowners, contents, motor and other related consumer lines and associated services, Sydney, Australia-based QBE says.

In addition, the acquisition includes Balboa's employees, systems and client relationships.

“The acquisition supports QBE's commitment to growing the business through product diversification and new distribution channels,” says QBE the Americas CEO John Rumpler in a statement. “It also complements our current book of business and our high level of customer service.”

For its part, Bank of America says in a separate statement that “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.”

The bank also says QBE 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.

Top Story

5 things drivers need to know before working for a ridesharing service

Uber, Lyft and Sidecar drivers pose major insurance risks to passengers and themselves.

Top Story

Cyber risk jumps to No. 2 on Travelers Business Risk Index

Up from fifth place last year, cyber risks ranked as the second biggest concern for all businesses.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone
         

Advertisement. Closing in 15 seconds.