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.”

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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.

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