QBE sells US mortgage business

The best insurers distinguish themselves by letting premium revenue shrink when prices no longer compensate for the potential risks. By this measure, QBE Insurance’s (ASX: QBE) decision to sell its North American Mortgage and Lender Services (M&LS) business is a sound one.The M&LS division is being sold for $90m to National General Holdings, a US-based insurer that specialises in personal lines, such as auto, home and health insurance.The M&LS sale is expected to generate a pre-tax loss of $120m in the 2015 financial year, mainly due to a write-off of goodwill. The sale will also reduce QBE’s gross written premium (an...

The best insurers distinguish themselves by letting premium revenue shrink when prices no longer compensate for the potential risks. By this measure, QBE Insurance’s (ASX: QBE) decision to sell its North American Mortgage and Lender Services (M&LS) business is a sound one.

The M&LS division is being sold for $90m to National General Holdings, a US-based insurer that specialises in personal lines, such as auto, home and health insurance.

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