Securian Financial Group has closed its purchase of Balboa Life Insurance Company and Balboa Life Insurance Company of New York from a subsidiary of Bank of America.
US-based Securian said the integration of the Balboa Life business with its St. Paul headquarters operation is underway and scheduled for completion in March 2012.
Securian Financial Group executive vice president Christopher Hilger said this acquisition increases the scale of their financial institution business and further demonstrates their commitment to this marketplace.
Securian provides insurance products and services. The acquired companies’ products include mortgage accidental death insurance, accidental death and dismemberment coverage and individual term life insurance, all of which Securian offers.
Earlier in 2011 Securian has acquired American Modern Life Insurance Co. and its subsidiary Southern Pioneer Life.