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.
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