BANKING / FINANCE
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Balboa Branches Out: In a bid to boost its business nationwide, Balboa Life & Casualty Insurance Co. in Irvine has opened a regional office in Denver and will open a regional headquarters in New York within two months.
The aggressive growth plan also includes the opening of three new field offices early next year, said David DeGorter, the company’s assistant vice president for marketing.
The company, which offers insurance products to financial institutions in all 50 states, has 12 offices in 12 states from Washington to Georgia and Minnesota to Texas. It primarily offers lenders insurance for credit they extend to customers and for collateral, mainly homes and cars, that lenders use as security for loans.
Balboa is the largest of the insurance subsidiaries of Avco Financial Services Corp. in Irvine. Balboa earned $51.1 million last year on $278 million in revenue, DeGorter said. It had $679 million in assets at the end of the year.
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