Minnesota-based Securian Financial Group has agreed to acquire Bank of America's life insurance subsidiary Balboa Life Insurance units, for an undisclosed amount.

Securian will acquire Balboa Life Insurance Company (BLIC) and Balboa Life Insurance Company of New York (BLICNY) and will integrate Balboa’s units into its St Paul headquarters operations in 2012.

The Balboa businesses provide mortgage, accidental-death insurance, accidental death and dismemberment coverage and individual term-life insurance, all of which Securian offers.

Securian Financial executive vice president Christopher Hilger said this acquisition increases the scale of the financial institution business and further demonstrates the commitment to this marketplace.

"As providers exit the market, we view this as an opportunity to increase the presence," Hilger said.

The transaction is subject to regulatory approval and is expected to be completed in October 2011.