HARTFORD, Conn.--(BUSINESS WIRE)--The Hartford Steam Boiler Inspection and Insurance Company (HSB) has been cited by the American Society of Mechanical Engineers (ASME) for HSB’s century of contributions to create, adopt and enforce the national Code, which supports the construction and inspection of safe and reliable boilers and pressure vessels around the world.
HSB, an original contributor to the ASME Boiler & Pressure Vessel Code, was one of four organizations honored and the only insurance or inspection company. The ASME Boiler & Pressure Vessel Code, first issued 100 years ago and continuously refined since, is used for the construction of boilers, pressure vessels and nuclear power plant components by manufacturers worldwide. Today, this Code is used in more than 100 countries around the world with translations in numerous languages.
“HSB is proud to work with ASME to advance the science of mechanical engineering,” said Greg Barats, president and chief executive officer of HSB, part of Munich Re. “In addition to HSB’s company support of the Code, many HSB engineering specialists volunteer their time and expertise to serve on ASME committees that set the codes and standards that contribute to the reliability, safety and efficiency of boilers and many other types of equipment for the public.”
ASME recognized the value of HSB’s technical knowledge and experience with boilers and pressure vessels, which dates to the company’s founding in 1866 and its creation of the “Hartford Standards,” the first technical standards adopted by U.S. boiler manufacturers, in 1889.
Today, the company’s HSB Global Standards subsidiary is a worldwide leader in the interpretation and application of boiler and pressure vessel codes, standards, customer specifications and certifications mandated by the ASME Codes and regulators worldwide. HSB and its subsidiaries perform more than 1.5 million inspections of boilers and other equipment worldwide each year.
Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading engineering and technical risk insurer providing equipment breakdown insurance products, other specialty coverages, and related inspection services and engineering consulting. Founded in 1866, HSB's difference is grounded in extensive technical knowledge with over 50 percent of its staff engineers, inspectors and technical personnel around the globe. We leverage our knowledge to anticipate future risks and develop a range of specialized solutions that enable our clients to build deeper and more profitable customer relationships. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on Twitter, Facebook and LinkedIn.
About Munich Re
In the U.S., Munich Re provides access to a full range of property and casualty reinsurance and specialty insurance products through Munich Reinsurance America, Inc., American Modern Insurance Group and Hartford Steam Boiler Group. Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2013, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.3bn on premium income of over €51bn. It operates in all lines of insurance, with almost 45,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the major insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2013, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €209bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.