St. Paul, Minn.-based Securian Financial Group Inc. is acquiring Balboa Life Insurance Co. (BLIC) and Balboa Life Insurance Co. of New York (BLICNY) from a subsidiary of Bank of America. Pending regulatory approval, the transaction is expected to close Oct. 1.
Included among the acquired companies' products is mortgage accidental death insurance. Securian plans to integrate the Balboa Life businesses into its St. Paul headquarters operations next year.
In February, Bank of America agreed to sell the lender-placed and voluntary property and casualty insurance units of Balboa Insurance Co. to Australia-based QBE Insurance Group.
