Securian Financial Group, Inc. has closed its purchase of Balboa Life Insurance Company and Balboa Life Insurance Company of New York from a subsidiary of Bank of America.
The acquired companies' products include mortgage accidental death insurance, accidental death and dismemberment coverage and individual term life insurance, all of which Securian offers.
The integration of the Balboa Life business with Securian's St. Paul headquarters operation is underway and scheduled for completion March 31, 2012, according to Securian.
The buyouts follow Securian's acquisition in the summer of American Modern Life Insurance Company and its subsidiary Southern Pioneer Life.
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