Australia’s QBE announced it has completed acquisition of Balboa’s Insurance portfolio, following the agreement with Balboa’s parent, Bank of America, to do so last February.
QBE noted that the “transaction includes a long-term distribution agreement with Bank of America for lender placed and voluntary homeowners, contents, motor and other related consumer lines and associated services. In addition, the acquisition includes Balboa’s employees, systems and client relationships.”
QBE the Americas CEO John Rumpler commented: “The acquisition supports QBE’s commitment to growing the business through product diversification and new distribution channels. It also complements our current book of business and our high level of customer service.”