HARTFORD, Conn.--(BUSINESS WIRE)--The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, is celebrating its 150th anniversary this month as the specialty insurer and engineering services company recalls its history from the age of steam to microelectronics and the Internet of Things.
“With 150 years of industry leadership, HSB sets the standard for excellence in specialty insurance as regards product and underwriting quality, inspection services and claims management,” said Peter Röder, a board member of Munich Re, responsible for Global Clients and North America.
Founded on June 30, 1866, Hartford Steam Boiler took a scientific approach to the exposures of the day, combining engineering, inspection services and insurance to combat the risk of boiler explosions, which occurred frequently and killed and injured thousands of people.
“The founders of HSB had the vision to combine accident prevention with insurance,” said Greg Barats, president and chief executive officer of HSB Group. “I’m proud that we have not strayed from our original path. Today, HSB is a 150-year-old company with a startup culture. We are focused on evolving technologies, loss control and inventing new insurance solutions for the future.”
Over the years, HSB has been at the forefront of many new technologies, offering products and services that protect businesses and people’s homes, help prevent losses and advance energy sustainability. Loss prevention and invention are at the core of HSB’s values.
HSB, part of Munich Re, is one of the world’s largest equipment breakdown insurers and a leading provider of engineering services and specialty insurance. HSB coverages include cyber risks, home systems and equipment, and renewable energy and energy efficiency performance.
Watch our video to learn more about the founding of HSB and its role in insuring emerging technology trends.
Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading specialty insurer providing equipment breakdown, other specialty coverages, inspection services and engineering-based risk management that set the standard for excellence worldwide. We focus on clients and partner with them to craft inventive insurance and service solutions to cover existing and emerging risks posed by technological change. Today, as throughout our 150 year history, our mission is to use our engineering knowledge and insights to help clients prevent loss, advance sustainable use of energy resources and build deeper relationships that benefit business, industry, public institutions and consumers. 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.
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 2015, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.1bn on premium income of over €50bn. It operates in all lines of insurance, with over 43,000 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 leading 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 2015, ERGO posted premium income of €17.9bn. 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 (excluding insurance-related investments) amounting to €215bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.