QBE Insurance Group Limited
(ASX:QBE) has inked a deal to sell its North American Mortgage & Lender Services business.
The insurance company will divest the asset for $US90 million to National General Holdings.
QBE expects the transaction will result in a loss of about $US120 million to its annual net profit before tax due to one-time non-cash charges and write- offs.
The insurer says the sale will free up more than $US100 million of capital that would be available for investment elsewhere in its North American operations.
QBE Insurance Group reported a net profit of $913.19 million in the 2014 calendar year.
