Hartford-based Hartford Steam Boiler will see a leadership change next year, as longtime CEO and President Greg Barats plans to retire in the first quarter of 2026, parent company Munich Re Specialty announced.
Barats, who has led HSB since 2011, will remain in his role through early 2026 to support the transition. He will be succeeded by Jeffrey C. O’Shaughnessy, a veteran HSB executive, effective March 2, 2026.
During Barats’ tenure, HSB expanded well beyond its roots as a traditional specialty insurer, pushing aggressively into engineering services, sensor technology and data-driven risk prevention. Under his leadership, the Hartford-based company invested heavily in internet-of-things technology and in-house innovation aimed at helping businesses prevent losses rather than simply insure against them.
Those efforts included the creation of an innovation lab at HSB’s downtown Hartford headquarters, reflecting a broader industry shift toward the use of data and technology to manage risk. HSB’s technology work later became more closely integrated with Munich Re’s global specialty insurance strategy.
Barats now oversees Munich Re’s global Internet of Things business and is involved in the company’s artificial intelligence and generative AI insurance initiatives. He also serves on Munich Re’s Global Specialty Insurance executive board.
He has been active in the Hartford region’s business and nonprofit communities, including service on the Hartford HealthCare board of directors since 2019.
O’Shaughnessy joined HSB in 2002 and currently serves as president of HSB Portfolio Risk Solutions, managing the company’s assumed reinsurance business and overseeing underwriting and product development. He previously served as HSB’s global chief underwriting officer.
