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