Bank of America to Sell Insurance Broker

Bank of America Corp. said Wednesday it is considering selling its insurance brokerage business, Banc of America Corporate Insurance Agency LLC. The bank did not say why it wants to sell the unit or what price it expects to command.

Bank of America hired its own investment bank, Banc of America Securities LLC, as a financial adviser to help "explore strategic alternatives" for its brokerage unit.

Banc of America Corporate Insurance Agency, based in Cranford, N.J., helps link insurers with businesses seeking property and casualty insurance. The segment also acts as a consultant for clients that want to shield themselves from risk.

Read Full Article from Houston Chronicle

- Posted: 2007-05-16 10:42:17

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