North America COR increase of 1.5% is for 2016 not 2015. Calculated by selling $400 million of loss making premium for a $120 million loss off book value. The only benefit to 2016 US derived earnings will be that they won't have to deduct the expected losses from the force placed business hence improving the NA COR by 1.5%.
This write down will reduce EPS for 2015 by circa 10% or 8 cents.
Ann: QBE Insurance Group Limited - Sale of M&LS Business, page-8
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