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Bank of America has agreed to sell the lender-placed and voluntary property and casualty insurance assets and liabilities of Balboa Insurance Company to QBE Insurance Group of Australia. BofA inherited Balboa Insurance when it purchased Countrywide Financial Corp. Bank of America and its affiliates are expected to receive an upfront cash payment of approximately $700 million for the deal with QBE, as well as additional future payments.
Read More »BofA Agrees to Sell Its Balboa Insurance Business to Australia’s QBE
