Australia's QBE Insurance Group has completed the acquisition of the US insurer Balboa's lender-placed and voluntary property and casualty insurance assets and liabilities and affiliated entities, from Bank of America.

As announced in early February, 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.

The acquisition includes Balboa’s employees, systems and client relationships.

QBE has purchased substantially all of the insurance liabilities and certain other assets of the Balboa business in exchange for QBE’s acquisition of an equivalent amount of cash and other assets through a reinsurance transaction with Balboa.

QBE Americas CEO John Rumpler said the acquisition supports QBE’s commitment to growing the business through product diversification and new distribution channels.

Balboa Insurance was acquired by the former Countrywide Financial in 1999. Bank of America acquired Countrywide in 2008.