Germany’s Munich Reinsurance Group has deepened its North American presence, completing its $739 million cash buyout of Hartford-based HSB Group Inc. from AIG.
The deal was completed Tuesday. HSB will be managed with Munich Re America as a standalone business, Munich Re said.
HSB Group is comprised of Hartford Steam Boiler Inspection and Insurance Co.; Hartford Steam Boiler Inspection and Insurance Co. of Connecticut; Boiler Inspection and Insurance Co. of Canada; and HSB Engineering Insurance Ltd.
Doug Elliot, HSB Group president and CEO, said the “partnership with Munich Re will open new opportunities for HSB to create value for our clients and grow our business in the U.S. and around the globe.”
According to a news release posted on Munich Re’s Web site, Munich Re financed the deal from internal resources. The deal received all requisite approvals, including from the Connecticut Department of Insurance, the company said.
The HSB Group’s equity capital at Dec. 31 was about $586 million, and its gross written premium income for 2008 totaled $930 million, Munich Re said.
Stem Cell Awards
The Connecticut Stem Cell Research Advisory Committee has allocated $9.8 million in stem cell research grants in the third round of a 10-year, $100 million state initiative.
In addition to a $1.9 million grant toward the continuing enhancement of the UConn-Wesleyan Stem Cell Core, the money was split between the University of Connecticut’s Storrs campus, the University of Connecticut Health Center, Wesleyan University and Yale University.
The 23 individual grants break down this way:
• Yale: $3.9 million
• UConn Health Center: $2.8 million
• UConn-Storrs: $699,965
• Wesleyan: $499,988
In December, the 15-member advisory committee received 77 applications totaling more than $30 million. No companies received any grants this year.
