Balboa Insurance Group Introduces Risk-Based Protection(SM) - Financial Institutions and Their Customers to Realize Tremendous Benefits - IRVINE, Calif., March 10 /PRNewswire/ -- Balboa Insurance Group, Inc. today announced the launch of Risk-Based Protection(SM), offering a new approach to its lender-placed property hazard insurance that protects a financial institution's interests, while giving value to clients and ultimately to their customers. This innovative product concept has been rigorously tested with one of the largest mortgage loan portfolios in the country and has demonstrated the ability to provide lower costs to a majority of borrowers. "The risk-based approach addresses important needs in this product line and can offer substantial benefits to both the lender and their borrowers," said Craig Carson, president, financial institutions division, Balboa Insurance Group. "The traditional approach to lender-placed insurance has followed a one-size-fits-all model, typically charging one insurance premium rate per state regardless of individual property characteristics. Our new risk-based approach uses a set of property criteria to determine premium rates, which could ultimately mean lower costs to borrowers without sacrificing levels of coverage that protect the lender." Features and highlights of Balboa's Risk-Based Protection(SM) program include: * Rate customization to an individual borrower's property based on occupancy status, age of dwelling, proximity to fire services, location and other factors. * Borrowers may realize lower-costs as compared to traditional lender-placed insurance, which helps create greater customer satisfaction and good will that may enhance a lender's reputation. * Coverage amounts, limits and other terms and conditions are identical to Balboa's traditional lender-placed insurance products. * Available for both residential and commercial properties within a loan servicing portfolio. "With our Risk-Based Protection(SM) program, lenders have an excellent product that helps them manage risk, while simultaneously offering borrowers a potentially lower-cost, lender-placed alternative until they purchase insurance in the voluntary market," said Carson. "Lenders have a real opportunity to seize competitive advantage with this product." For more information about Balboa's insurance programs, call 1-800-854-6115 or visit http://www.balboainsurance.com/. About Balboa Insurance Group, Inc. Insurance company subsidiaries of Balboa Insurance Group, Inc. (BIG), which is a subsidiary of Countrywide Financial Corporation, have been offering insurance products for more than half a century. BIG's insurance company subsidiaries consist of Balboa Insurance Company, Meritplan Insurance Company, Newport Insurance Company, Balboa Lloyds Insurance Company, Balboa Life Insurance Company and Balboa Life Insurance Company of New York. Risk-Based Protection lender-placed hazard insurance is underwritten by Balboa Insurance Company or Meritplan Insurance Company. Terms, conditions, limitations, and exclusions apply. BIG is rated "A" (Excellent) by the A.M. Best Company, an insurance rating and information service. An "A" rating represents A.M. Best's opinion that the BIG insurance companies have an excellent ability to meet ongoing obligations to policyholders. BIG is headquartered in Irvine, California, and has a network of sales and service centers throughout the country. To learn more about BIG, please visit http://www.balboainsurance.com/. DATASOURCE: Balboa Insurance Group, Inc. CONTACT: Amber Cousins, or Ed Essa, both for Balboa Insurance Group, Inc., +1-800-796-8448 Web site: http://www.balboainsurance.com/

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