Bank of America Corp. said it is exploring the possibilities of 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.
The brokerage handles more than $1 billion in insurance premiums for more than 10,000 commercial clients around the world.
Shares of Bank of America rose 18 cents to $51.12 in Wednesday trading. The stock has a 52-week range of $45.86 to $55.08.
Was this article valuable?
Here are more articles you may enjoy.
Hawaii Faces More Tropical Threats From El Niño-Charged Pacific 
Massachusetts High Court Says Mag Mutual Must Defend Doctor Accused of Stalking 
State Farm Must Give Up Trade Secrets in Claims Lawsuits, but Under Court Review 
A Defensible Framework for Post-Wildfire Smoke Damage Claims 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.