Filed Under:Markets, Personal Lines

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

Ferguson burning: 9 scenes of property damage in the wake of the riots

A grand jury in Ferguson, Missouri on Monday declined to indict a local police officer in the August 2014 shooting death of 18-year-old Michael Brown, setting off a night of violent riots in the suburban St. Louis community. Here's what the area looks like this morning.

CE & Training

One Low Price for Complete Access to All Courses

Choose from National Underwriter's complete library of courses available in your state to get the credits you need quickly and affordably. Take advantage of the Open Pass Package for only $49. Click here to start your training today!

More Resources

Comments

eNewsletter Sign Up

Personal Lines Pro eNewsletter

Critical insights into the personal auto, homeowners, and other consumer insurance markets to help P&C professionals stay informed – FREE! Sign Up Now!

Mobile Phone
         

Advertisement. Closing in 15 seconds.