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.
US to Explore Allowing Driverless Cars Without Steering Wheels 
Venezuela Earthquake Death Toll Nears 2,000 
Citadel Securities Asks to Join Susquehanna Insider-Trading Suit 
Insurers Avoid $664 Million Hit From Nord Stream Pipeline Blasts 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.