Meritplan Auto Insurance Review (2024)

Bank of America acquired Balboa as part of the Countrywide Financial Corp. acquisition in 2008.

Balboa is one of the country’s biggest players in forced-placed insurance. Force-placed insurance is sometimes necessary when a homeowner with a mortgage stops making homeowner insurance payments.

Force-placed insurance protects the lender’s financial interests. Unfortunately, the property owner must pay for the force-placed insurance at higher rates, sometimes several times more expensive than ordinary homeowner insurance.

What You Should Know About Meritplan Insurance Co.

According to financial documents filed by QBE and Bank of America, Balboa’s current liabilities of about $1.2 billion will be assumed by QBE. QBE is paying $700 million in cash to complete the transaction.

Bank of America acquired Balboa as part of the Countrywide Financial Corp. acquisition in 2008.

For that reason, force-placed insurance can increase the financial burdens of the homeowner and increase the likelihood of foreclosure by the lender. The force-placed insurance doesn’t protect the borrower.

Bank of America decided to sell approximately $19 billion of companies in their portfolio in 2010. Bank of America sold Meritplan Auto Insurance Company and Balboa Insurance because the companies’ business doesn’t align with BofA’s plans for the future.

Meritplan Auto Insurance Customer Service

Because of the transition of the Balboa Insurance Group and alleged fraud by some parties against the Balboa Insurance Group, some agents no longer offer Meritplan auto insurance coverage.

Customer service is provided for current policyholders of Meritplan auto insurance by Arrowhead General Insurance Agency (a managing general agency).

Contact Arrowhead General Insurance Agency at 701 B Street Suite 2100, San Diego, CA 92101, or call toll-free at +1-800-669-1889 or +1-619-881-8600 for assistance.

Meritplan Auto Insurance Claims

American Claims Management handles submitted auto insurance claims, an insurance claims specialist Arrowhead General Insurance Agency owns.

Contact the company at 701 B Street Suite 2210, San Diego, CA 92101-8101, or call toll-free +1-888-799-2919 or +1-760-827-4800 for assistance.

Meritplan Auto Insurance Financial Information

Dun & Bradstreet said Meritplan generated about $65.98 million in annual sales during the fiscal year ending December 2010.

QBE, the purchasing company of Meritplan and Balboa Insurance Group, is a member of the All Australian 50 (ASX) Index and one of the world’s largest insurance companies.

The company ranks #402 on the Financial Times of London’s FT Global 500.

The company reported about $11.63 billion in sales during the 2009 fiscal year. The company’s sales growth was approximately 35.78 percent (2009 vs. 2008).

The recorded net income for the 2009 fiscal year was approximately $1.77 billion. The company reported one-year net income growth of about 37.53 percent. QBE reports total assets of about $36.58 billion and a market value of about $17.94 billion.

QBE does about three-fourths of its business outside of Australia, and maintains operations in 50 countries.

The primary business lines of QBE include property and casualty auto, homeowner, aviation, energy, professional indemnity, and general liability policies. QBE offers primary insurance and reinsurance services to other insurers.

QBE utilizes a national and international network of independent insurance agents and brokers to distribute the company’s products and services. The company employs some proprietary sales agents in Australia.

QBE may decide to re-brand Meritplan Auto Insurance Company and Balboa Insurance Group upon the final disposition of the companies’ assets and liabilities.

How Meritplan Insurance Co. Ranks Among Providers

According to Dun & Bradstreet, Meritplan generated about $65.98 million in annual sales during the fiscal year ending December 2010.

QBE, the purchasing company of Meritplan and Balboa Insurance Group, is a member of the All Australian 50 (ASX) Index and one of the world’s largest insurance companies.

The company reported about $11.63 billion in sales during the 2009 fiscal year. The company’s sales growth was approximately 35.78 percent (2009 vs. 2008).

The recorded net income for the 2009 fiscal year was approximately $1.77 billion. The company reported one-year net income growth of about 37.53 percent. QBE reports total assets of about $36.58 billion and a market value of about $17.94 billion.