For example, this acquisition enables us to further penetrate our mortgage customer base, eliminate redundant costs between the carrier and agent in retail product delivery and market our LandSafe loan closing services to Balboa's institutional customers. Voluntary homeowners and life and disability products are also offered and are expected to become an area of emphasis. The group writes insurance in all 50 states and serves over 1,500 financial institutions directly and through independent general agents. Balboa is over fifty years old and benefits from a strong reputation and management team. From a financial perspective, management believes that the transaction is immediately accretive.
Management remains committed to maintaining the appropriate capital structure for the company.
We are delighted to welcome Balboa's management team and employees to our family of over 11,000 employees. We are fortunate to have procured a quality company like Balboa to fully capitalize on available opportunities in insurance. Countrywide's board of directors has approved the transaction. Completion of the transaction is expected in approximately ninety days and is subject to regulatory approval. Morgan Stanley Dean Witter acted as a financial advisor to Countrywide on this transaction.