Balboa Insurance Part Of Countrywide Deal

Charlotte, N.C.-based Bank of America Corp. is acquiring the Balboa Insurance Group as part of the deal announced today to acquire Countrywide Financial Corp., Calabasas, Calif., in a $4 billion stock

By Allison Bell | Updated on January 11, 2008

Charlotte, N.C.-based Bank of America Corp. is acquiring the Balboa Insurance Group as part of the deal announced today to acquire Countrywide Financial Corp., Calabasas, Calif., in a $4 billion stock transaction.

Balboa’s financial strength rating, because of problems with its parent company, has been under review since last August by A.M. Best Co. The rating agency said in the wake of the acquisition the status was now “under review with developing implications.”

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
Educational webcasts, resources from industry leaders, and informative newsletters.
Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account? Sign In Now

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Allison Bell

Allison Bell, ThinkAdvisor's insurance editor, previously was LifeHealthPro's health insurance editor. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached at [email protected] or on Twitter at @Think_Allison.

More from this author

Dig Deeper

Reinsurance

Recommended Stories

How California homeowners can protect their assets in 2024

Steve Rivera | April 15, 2024

Homeowners in the Golden State must navigate insurance instability and uncertainty with care.

Navigating the complexities of representations and warranties insurance

Daniel Simnowitz | April 15, 2024

RWI helps facilitate smoother transactions by transferring transaction-related risks to insurance carriers.

Cargo owners may bear portion of damages from Baltimore bridge accident

Chris Strohm | April 16, 2024

The owner of the cargo ship involved in Baltimore’s bridge disaster declared 'general average.'

Resource Center

This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.

Guide

Sponsored by gryphon.ai

The Ultimate Guide to SMS/Text Messaging Compliance

This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.

Browse More Resources ›

Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.

White Paper

Sponsored by Origami Risk

Build or Buy? Considering the Critical Decisions in P&C Core Insurance Cloud Digitization Projects

Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.

Browse More Resources ›

As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.

White Paper

Sponsored by Melissa

Clean Your Data to Win the Customer Retention War

As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.

Browse More Resources ›

PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now

Copyright © 2024 ALM Global, LLC. All Rights Reserved.