Bank of America's announcement that it plans to explore "strategic alternatives" for its brokerage business could be another opportunity for private equity funds to step into the insurance business, a consultant said.
Yesterday, Charlotte, N.C.-based Bank of America said it has retained Banc of America Securities to explore alternatives for its commercial insurance brokerage business, Banc of America Corporate Insurance Agency LLC, based in Cranford, N.J.
A spokeswoman for the bank said the company would make no additional comments on the move. She noted that the move did not involve its personal lines insurance business.
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