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QBE - QBE Insurance News Story

A$8.83 -0.1  -0.6%

Last Trade - 29/05/20

Large Cap
Market Cap £6.21bn
Enterprise Value £8.52bn
Revenue £11.85bn
Position in Universe 42nd / 1842

BRIEF-QBE Insurance says sale of M&LS business to National General Holdings

Wed 15th July, 2015 11:00pm
July 16 (Reuters) - QBE Insurance Group Ltd  QBE.AX : 
 * QBE Insurance Group Limited - sale of m&ls business  QBE.AX  
 * Says total cash consideration is expected to be approximately $90M payable at transaction close 
 * Entered into agreement with National General Holdings for sale of mortgage & lender services business in North America 
 * National General will acquire QBE nao's m&ls business which includes agency  operations, loan tracking activity and provision of insurance protection 
 * Overall impact of sale on qbe's 2015 FY net profit before tax is expected to be a loss of around $120M 
 * Sale of the m&ls business is expected to free up in excess of $100M of capital that will be available for reinvestment elsewhere in QBE nao 
 * Gross written premium will reduce by around $400M 
 * Sale of the m&ls business expected to improve QBE nao's budgeted 2016 combined operating ratio and return on allocated capital by 1.5% and 1.8% respectively 
 * Source text for Eikon  ID:nASX1v2jYX  
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