This transaction creates synergies which benefit Balboa and Countrywide and their institutional and retail customers. These synergies include increased revenue through the transfer of Countrywide-directed insurance to Balboa and an enhanced value proposition for the existing customers of Balboa. Furthermore, the acquisition should enable Countrywide to build upon our established success in cross-selling insurance products to our 2.3 million mortgage customers. The acquisition was financed with cash and did not require the issuance of new equity or debt. Importantly, the resulting capital structure maintains Countrywide's current credit ratings.
Management expects the transaction to be immediately accretive to earnings.
Voluntary homeowners and life and disability insurance 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 50 years old and benefits from a strong reputation and management team. Inc. The company is headquartered in Calabasas, California and has more than 10,000 employees with over 560 offices across the nation. Certain of the information included in this press release may contain forward-looking statements.