HSB Solomon Associates Acquires Ziff Energy Group
Expands Benchmarking and Consulting Services to Global Energy Exploration and Production
HARTFORD, Conn.--(BUSINESS WIRE)--HSB Solomon Associates (Solomon), a leading performance improvement company for the global energy industry and a subsidiary of The Hartford Steam Boiler Inspection and Insurance Company (HSB), today announced the acquisition of Ziff Energy Group, an international energy consulting firm. The transaction adds global energy exploration and production benchmarking and North American natural gas forecasting to Solomon’s suite of products and services.
“By combining with Solomon we can further expand our offerings geographically and develop new services for our clients.”
“Solomon and Ziff Energy share similar cultures and a focus on helping clients achieve excellence through the measurement and analysis of operational performance,” said Greg Barats, president and chief executive officer of Hartford Steam Boiler, part of Munich Re, and chairman of HSB Solomon Associates. “We can now deliver a full range of benchmarking and consulting services across the entire oil and gas supply chain for the world’s largest energy providers.”
The terms of the transaction were not disclosed.
Ziff Energy, with offices in Houston and Calgary, Alberta, focuses principally in two areas: exploration and production studies across 40 countries covering more than 4,300 production fields and gas services in North America. Its gas services include in-depth analysis of North American and regional markets, gas and liquids supply, transportation, midstream, storage, regulatory affairs, and long-term gas pricing forecasts.
“Over the past 30 years Ziff Energy has established itself as a leader in energy exploration and production benchmarking and outlook services for the North American natural gas market,” said Paul H. Ziff, chief executive officer of Ziff Energy. “By combining with Solomon we can further expand our offerings geographically and develop new services for our clients.”
With the acquisition HSB Solomon Associates now offers benchmarking services for exploration and production, natural gas, pipelines and terminals, refining, chemicals, and power generation, as well as consulting services across each of these energy industry segments. HSB Solomon Associates helps its energy industry clients achieve greater efficiencies, reliability and improved margins.
“Solomon now further strengthens its position as a leader in benchmarking services for the energy industry, from the wellhead to specialty chemicals,” said Dale Emanuel, president and chief executive officer of HSB Solomon Associates. “This benchmarking foundation, in turn, drives our consulting services, which guide clients to improved performance based on insights derived from our unparalleled library of best-practices data.”
About HSB Solomon Associates
HSB Solomon Associates, headquartered in Dallas, is a leading performance improvement company for the global energy industry. With clients in more than 70 countries, Solomon provides a unique approach to benchmarking, data analysis and performance improvement consulting services for capital-intensive energy assets in key industries, including refining, chemicals, pipelines, terminals and power generation. Using clients’ operational data, Solomon provides proprietary, confidential comparative analysis to help them eliminate gaps in their performance and measure their success against the world’s best energy companies. www.solomononline.com.
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). www.hsb.com.
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 2012, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of around €52bn. It operates in all lines of insurance, with around 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 2012, ERGO posted premium income of €19bn. 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 €214bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.