The parent of specialty insurer Hartford Steam Boiler and Insurance Co. (HSB) announced Thursday it acquired a German internet-of-things (IoT) technology company for $251.7 million.
Germany’s Munich Re Group, one of the world’s largest reinsurers and owner of HSB, said it acquired all of Relayr Inc.’s shares and equity interests after accounting for its existing 15.5 percent minority interest in the company. Munich RE funded the deal, HSB said.
Relayr makes internet-of-things software to help industrial companies reduce costs and improve energy efficiency, among other benefits.
Relayr will retain its brand as an independent entity under HSB Group.
The acquisition comes as HSB focuses on building a new IoT services business to help midsized companies prevent or reduce damage to their operations caused by equipment breakdown, cyber risk and identity theft.
That effort is being pushed along as HSB continues developing and investing in sensor technology to help businesses monitor equipment and infrastructure.
Founded in 1866, HSB was acquired by Munich Re in 2009 for $742 million. It was formerly owned by insurance giant AIG.
Headquartered at One State Street in downtown Hartford, HSB recorded $1.3 billion in revenue in 2017.
