QBE Insurance , Australia's biggest insurance group, is in talks to buy U.S. insurer Balboa from Bank of America , a media report said on Thursday, sparking talk that QBE would have to sell new shares to help fund the deal. Balboa could fetch $1.5 billion to $2 billion, said an investment banker not involved in the deal. Negotiations are advanced for a deal that includes up-front payments as well as an amount based on Balboa's future performance, Bloomberg reported. A deal could be reached this week, it added.
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