Germany's Munich Re AG has bought American International Group (AIG) Inc.'s Hartford Steam Boiler (HSB) for $742 million.
The acquisition is funded entirely from cash and is subject to regulatory approval.
Hartford Steam Boiler, based in Connecticut and founded in 1866, helps insure power plants, inspecting boilers, pressure vessels, nuclear components, and process and power components for corporations. Corporate headquarters is located in Hartford.
The company is a wholly owned subsidiary of AIG.
Hartford Steam Boiler Inspection and Insurance Company is one of the largest insurance and inspection companies specializing in engineering risks in the USA. It is a market leader, and is accredited by the American Society of Mechanical Engineers (ASME).
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