Bank of America Expands U.S. Insurance Operation with Lloyd’s

January 29, 2007

BA International Underwriters Ltd, a wholly-owned subsidiary of Banc of America Insurance Group, in conjunction with Lloyd’s of London, has established the Pembrace Casualty Insurance Syndicate to expand Bank of America’s ability to offer specialty liability, casualty and reinsurance services.

Pembrace will be capitalized by Banc of America Insurance Group with an initial capacity of 33 million Pounds, or about $64.5 million. Managed through Spectrum Syndicate Management, Pembrace is authorized to write specialty liability and other U.S.-based casualty insurance and reinsurance business to complement Banc of America Insurance Group’s existing U.S.-based insurance operations.

Banc of America Insurance Group and its affiliates have more than 50 years of insurance operations experience and currently underwrite commercial property casualty and life insurance coverages within the Bank of America enterprise.

According to Keith Pellerin, president of Banc of America Insurance Group, “Pembrace will provide a highly scalable platform to enable future expansion in the insurance markets.”

Source: Bank of America

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