Securian Financial Group Inc. has agreed to acquire Balboa Life Insurance Company and a sister company from Bank of America Corp.

Securian, St. Paul, Minn., hopes to get the regulatory approvals it needs to complete the acquisition of Balboa Life, Irvine, Calif., and Balboa Life Insurance Company of New York by Oct. 1.

The price of the deal was not immediately available.

Balboa Life was incorporated in 1968 and ended 2010 with $16 million in national premium revenue and about $48 million in assets, according to the Texas Department of Insurance.

Bank of America, Charlotte, N.C. (NYSE:BAC), agreed to acquire the former parent of Balboa Life and Balboa Life of New York, Countrywide Financial Corp., Calabasas, Calif., for $4 billion in stock in January 2008, shortly before the full extent of the crisis in the mortgage-backed securities market became apparent.

Balboa Life and its sister company sell products such as mortgage accidental death insurance, accidental death and dismemberment coverage, and individual term life insurance.

Securian, which sells those products and others, says it plans to integrate the Balboa Life businesses into its own headquarters operations in 2012.

The acquisition of the Balboa Life companies “increases the scale of our financial institution business and further demonstrates our commitment to this marketplace,” Christopher Hilger, an executive vice president at Securian, says in a statement. “As providers exit the market, we view this as an opportunity to increase our presence.”

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