Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

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

Published 16/07/2015, 08:07 am
© Reuters.  BRIEF-QBE Insurance says sale of M&LS business to National General Holdings
QBE
-

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.