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Munich Re buys US HSB

FRANKFURT, April 1 – The German re-insurance giant Munich Re said on Wednesday that it had completed its purchase of US specialist insurer HSB Group for 739 million dollars (555 million euros).

HSB, which specialises in engineering risks, was bought from the distressed and partially-nationalised US insurer AIG group in a deal initially announced in December, a statement said.

The core of HSB is the Hartford Steam Boiler Inspection and Insurance Company, which not only provides insurance but also performs inspections and certifications and provides engineering consulting services.

Its acquisition by Munich Re will allow the world\’s biggest reinsurance group "to expand our position in the US in specialty insurance niche segments," board member Peter Roeder was quoted as saying.

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