NEW YORK (AP) — Bank of America Corp. has reached a deal to sell its Balboa Life Insurance Co. unit to Securian Financial Group Inc. a privately held insurance and retirement planning company based in St. Paul, Minn.
Securian said Thursday the deal is expected to close Oct. 1.
No terms were disclosed for the deal, which involves Balboa Life Insurance Company and Balboa Life Insurance Company of New York. Bank of America retained the companies after selling the unit that handles homeowner insurance for foreclosed homes to Australia's QBE in February.
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Balboa became part of Bank of America in the Countrywide Financial Corp. acquisition in 2008.
Securian said it will combine the Balboa Life businesses into its St. Paul headquarters operations in 2012.
The company already operates Minnesota Life Insurance Co., Advantus Capital Management, Cherokee National Life Insurance Co. and other subsidiaries.
Bank of America shares gained 18 cents to close at $10.92.
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