Sydney, Australia-based QBE Insurance Group Limited completed its $700 million acquisition of forced-placed insurance provider Balboa Insurance Group from Bank of America.

In addition to acquiring Balboa's employees, systems and client relationships, QBE agreed to assume $1.2 billion of insurance liabilities. First announced in early February, the deal also 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.

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