Countrywide Credit to Buy Balboa Life & Casualty

Countrywide Credit Industries Inc., Calabasas, announced that it has agreed to purchase Balboa Life & Casualty Insurance from Dallas-based Associates First Capital Corp. for $425 million, subject toregulatory approval.

Associates acquired Balboa when it purchased Avco Financial Services earlier this year.

Balboa provides collateral protection insurance for home and auto loans and other credit insurance products.

Countrywide services loans for single-family homes through its primary subsidiary, Countrywide Home Loans Inc. The company has more than 11,000 employees serving 550 offices nationwide.

Associates is one of the nation’s largest diversified finance companies with operations in the United States and 15 international markets.