Balboa Insurance Group

Balboa Insurance Group
3349 Michelson, Suite 200
Irvine, California 92612-8893

It is undeniable that life gets rocky as we live; good thing, there is Balboa Insurance Group to insure us. Balboa Insurance Group is your not-so-ordinary insurance company for it provides personal and commercial life, property and liability insurance by utilizing its subsidiaries, including Balboa Life Insurance Company of New York, Meritplan Insurance Company, Balboa Life Insurance Company, Newport Insurance Company, and Newport E&S Insurance Company. It offers various insurance plans to customers handling mortgage lenders and financial institutions, whose products include homeowner insurance, credit life, home warranties and hazard insurance for lender-placed properties.

Founded in 1948, this California-based firm has become a vital part of the organization of Fortune 500 diversified financial services. For over 60 years in the business, Balboa has already offered and served a wide range of insurance products, including some of the largest auto lenders and mortgage programs in the United States, which were exclusively designed for financial institutions and their customers.

A Bank of America and Countrywide Financial Corp. subsidiary, Balboa is composed of top executives, who believe that the secret to success is having commitment to their clients and associates. They are Mark McElroy, Insurance Services executive; Art Lee, chief legal counsel; Franklin Dunn, Financial Institutions executive; Kenneth Mertzel, chief financial officer; Tom Myrick, Financial Protection Solutions executive; and J. Keith Pellerin, Consumer Insurance Products executive.

Currently, Balboa operates in such segments as banking, capital banking, mortgage banking and insurance. The banking segment invests and deposits in mortgage loans and home equity lines of credit, plus short-range secured financing to money lenders. This section also provides collateral review and certification, safekeeping, customer reporting and collateral releases, and the committed and uncommitted lists of credit to bankers to aid their mortgage loan inventories.  Capital banking aids new and starting companies by offering insurance and financial aid. Insurance responsibilities of Balboa include offering what is best for their client by assessing their needs and capacities, making their customer able to cope with the plan they purchase. Mortgage banking, meanwhile, operates by originating, purchasing, selling and providing services to non-commercial mortgage loans. In addition, it also provides loan closing products and services, including appraisal, credit reports, flood determinations and title reports.

On top of it, 2,100-powered Balboa’s services are not only limited to those but also to offering commercial, institutional, and personal insurance policies to consumers and businesses. It provides risk management and mitigation loss solutions to institutions in the mortgage and auto industries. In addition, the group also offers auto risk mitigation and lender-placed hazard insurance. Likewise,  it offers various policyholder products such as condominium, home, life insurance and renters.

Aside from providing quality services, the firm offers Renters Toolbox that provides marketing and sales tools for business associates and partners in order to make renters insurance available to the customers; and ClientSource, an online program that allows policyholders and guests to access reports and information regarding the lender-placed insurance programs.

As of the fiscal year ending sales of December 2008, the company had earned approximately $1.5 million part of which was given to the charities that they regularly support, like Rebuilding Together, a housing project for the indigent, as well as financial aid and emotional support to unfortunate children; Susan G. Komen for the Cure and the American Cancer Society, both of which aim to help cancer victims physically, emotionally and financially throughout the disease.