ST. PAUL, Minn. – Securian Financial Group completed the purchase of Balboa Life Insurance Company and Balboa Life Insurance Company of New York from a subsidiary of Bank of America.
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The integration of the Balboa Life business with Securian’s St. Paul headquarters operation is underway and scheduled for completion March 31, 2012. This is one of two acquisitions Securian announced this summer, the other being American Modern Life Insurance Company and its subsidiary Southern Pioneer Life.
“This acquisition increases the scale of our financial institution business and further demonstrates our commitment to this marketplace,” said Christopher Hilger, executive vice president, Securian Financial Group.
