Wealth management

B of A Eyes Corporate Insurance Agency Strategy

Published May 17, 2007, 1:00 a.m. EDT

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Updated May 16, 2007, 3:34 p.m. EDT

1 Min Read

Bank of America Corp. said Wednesday that it is "exploring strategic alternatives" for its commercial insurance brokerage business.

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The Charlotte banking company has retained its Banc of America Securities LLC unit to act as financial adviser in the examination of the business line at Banc of America Corporate Insurance Agency. The Cranford, N.J., subsidiary offers brokerage and consulting services for both property and casualty insurance and employee benefits.

Will Wilson, a spokesman for the bank, would not elaborate on its plans for the agency. The examination concerns the corporate agency, he said, not Banc of America Insurance Services Inc., which handles personal insurance lines.

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