Bank to explore alternatives for brokerage arm

CRANFORD, N.J.--Charlotte, N.C.-based Bank of America on Wednesday said it has retained Banc of America Securities L.L.C. as a financial advisor to explore "strategic alternatives" for its commercial insurance brokerage business, Cranford, N.J.-based Banc of America Corporate Insurance Agency L.L.C.

The Bank of America subsidiary, formerly Fleet Insurance Services, was ranked 27th-largest among U.S. brokers by Business Insurance last year, based on its $78.5 million in 2005 revenues.

Employee benefits accounted for 52.8% of the 2005 revenues at the brokerage, which was founded in 2000.