QBE Insurance , Australia's biggest insurance group, said on Friday it will buy the insurance portfolio of U.S. insurer Balboa from Bank of America . The deal includes an upfront payment to Bank of America of $700 million for the distribution rights and portfolio transfer. QBE will assume about $1.2 billion of insurance liabilities of Balboa. QBE also said its full-year profit would be in line with market estimates. (Reporting by Michael Smith; Editing by Ed Davies)
Source
