California-based Countrywide Credit Industries Inc., a diversified financial services provider, announced that two of its insurance subsidiaries, Balboa Insurance Company and DirectNet Insurance Agency Inc., have signed agreements with 21st Century Insurance.
Under one agreement, Balboa assumed from 21st Century approximately 74,000 homeowners’ policies representing $30 million of annual premiums. As a result of this agreement, Balboa will provide former 21st Century customers with comprehensive products and services to meet their homeowners insurance needs. Balboa is licensed in all 50 states and offers a range of insurance programs for financial institutions and their customers in addition to offering insurance products that are distributed through independent agents.
In a separate agreement, DirectNet has been selected by 21st Century as the preferred provider of home-related insurance products for their nearly one million auto insurance customers in California.
The agreement will give DirectNet the opportunity to offer interested 21st Century auto customers a full suite of homeowners and renters products, including flood, earthquake, and home-warranty protection.
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