Brand Dual Brand Strategy Leverages Joint Strengths of HSB and Munich Re
Hartford, Connecticut, September 12, 2011 – The Hartford Steam Boiler Inspection and Insurance Company (HSB) today announced that it is adopting the brand of its parent company, Munich Re, as part of a dual brand strategy that enriches Munich Re’s reputation for innovative risk solutions with the integration of the specialized technical capabilities of HSB. HSB’s iconic locomotive symbol and name will be preserved and appear in the context of the Munich Re brand. The dual brand combines the value of HSB’s leadership in equipment breakdown and technical risks with Munich Re’s reputation for forward thinking risk solutions.
“For the past two years, HSB has been a proud part of the Munich Re family,” said Greg Barats, chief executive officer at HSB. “Now, we are better than ever. The combined capabilities of Munich Re and HSB allow us to stay ahead of emerging trends and meet tomorrow’s challenges, helping our clients grow profitably through industry-leading risk solutions.”
HSB is also now part of Munich Re’s Risk Solutions portfolio. Risk Solutions is a competency designation for Munich Re companies that specialize in complex risks and which distinguishes their offerings from the traditional reinsurance business of Munich Re.
Added Tony Kuczinski, chief executive officer of Munich Reinsurance America Inc. and chairman of HSB Group, “In 2009, we knew we had acquired the leader in equipment breakdown insurance and engineering services in HSB. Over the past two years we’ve shown that HSB supports Munich Re with skill sets, offerings and market positions that fit well together. Now, we’re taking the next step by launching a new dual brand that highlights HSB’s position as a valued member of Munich Re, while maintaining the proud heritage of HSB.”
Munich Re concluded the successful acquisition of HSB Group, which included Hartford Steam Boiler and its subsidiaries in Canada (The Boiler Inspection and Insurance Company of Canada) and the United Kingdom (HSB Engineering Insurance Limited), in April 2009.
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 solutionbased expertise, consistent risk management, financial stability and client proximity. Munich Re creates value for clients, shareholders and staff alike. In the financial year 2010, the Group – which pursues an integrated business model consisting of insurance and reinsurance – achieved a profit of £2.4bn on premium income of around £46bn. It operates in all lines of insurance, with around 47,000 employees throughout the world. With premium income of around £24bn 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. Our primary insurance operations are concentrated mainly in the ERGO Insurance Group. With premium income of over £20bn, ERGO is one of the largest insurance groups in Europe and Germany. It is the market leader in Europe in health and legal protection insurance. More than 40 million clients in over 30 countries place their trust in the services and security it provides. 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 £193bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group. www.munichreamerica.com
Hartford Steam Boiler provides a range of specialty insurance coverages for business, home and farm. One of the world’s leading equipment breakdown insurers, HSB helps clients reduce risk through a unique combination of specialty coverages, engineering-based risk management strategies and loss reduction services. A.M. Best Company awarded the HSB Group of companies its highest financial rating, A+ (Superior). HSB was acquired by Munich Re in April 2009. www.hsb.comTags: Hartford Steam Boiler (HSB), Munich Re