Munich Re completes Hartford Steam Boiler getting

Munich Re yesterday reported the completed acquiring of AIG subsidiary Hartford Steam Boiler (HSB) Group for $739 million.

Munich Re said in a proclamation that the all cash deal - first announced in December 2008 - was officially completed on Tuesday, and was financed from internal resources.

HSB was acquired close to AIG in 2000 for $1.2 billion. Last year its repellent written premium income was $930 million.

Its core business, HSB Inspection and Surety Company, specialises in engineering risks as well as performing inspections and certifications.

Half of HSB’s 2,400 employees are engineers and applied inspectors.

The company also provides engineering consulting services.

Peter Roeder, Munich Re’s top brass board member responsible for North America, said: “With the object of the HSB Group, we are continuing as planned to lengthen our position in the US in specialty insurance segments.

“This is to some extent of our strategy to grow profitably in the US, the on cloud nine’s most important insurance market.”

Doug Elliot, HSB Series president and CEO, added: “Our partnership with Munich Re last will and testament open new opportunities for HSB to create value for our clients and spring up our business in the US and around the globe.

“With Munich Re’s economic strength and added resources behind us, we look forward to continued productive growth.”