HARTFORD, Conn.--(BUSINESS WIRE)--The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, announced today it had signed a purchase agreement with Hines, the international real estate firm, to acquire One State Street, a 24 story office building in Hartford that is HSB’s corporate headquarters. HSB is the principal tenant of the landmark building that overlooks the Connecticut River.
"HSB is committed to Hartford and proud to call this city home," said Greg Barats, president and chief executive officer of HSB. “This investment in our future lowers our operating costs and gives us the flexibility to design a high-energy work environment that inspires creativity and new solutions for clients.”
Hines, which has owned and operated the building since its completion in 1983, will continue to manage the property. The transaction is expected to close in late January 2014. The terms of the agreement were not disclosed.
About HSB
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.
