Munich Re Sponsors Plug and Play Accelerator for the Internet of Things

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Munich Re Sponsors Plug and Play Accelerator for the Internet of Things

Leading Reinsurer and Affiliate HSB to Mentor and Invest in IoT Innovators

Munich Re and its equipment insurer affiliate Hartford Steam Boiler (HSB) are sponsoring Plug and Play’s accelerator for the Internet of Things (IoT), the company announced today.

Plug and Play IoT brings together promising startups with corporations, investors and experts to accelerate their commercial development. As anchor partners, Munich Re and HSB will help guide the direction of the program and have mentors on site to support startups accepted into the program.

Munich Re, one of the world's leading reinsurers, and HSB, the number one insurer of equipment and technology, share an interest in identifying and exchanging ideas with top IoT innovators whose technologies have applicability to their insurance businesses.

"Innovation is essential to Munich Re's future. Having senior innovation executives co-located at Plug and Play's Silicon Valley facility gives us the opportunity to learn and experiment with new technology and provide valuable insight to entrepreneurs about the insurance vertical,” said Thomas Blunck, member of Munich Re's Board of Management. “Our quest is to understand the future of risk and identify new opportunities for our global reinsurance and specialized primary insurance business.”

Munich Re and HSB’s strategic corporate venture capital group in San Francisco will participate in Plug and Play's IoT accelerator. Munich Re leverages HSB’s venture capital expertise and capabilities to invest in companies across all funding stages in areas such as the IoT, cyber security, energy and energy efficiency.

"Internet of Things technologies will have usefulness in equipment reliability, smart connected homes and buildings, cyber security and robotics, among other applications," said Peter Röder, member of the Munich Re Board of Management responsible for business in North America. "Being actively engaged in the development of these technologies will fuel our product innovation and allow us deliver unique benefits and service experiences for end client users."

"We are extremely pleased to partner with Munich Re and HSB to find the most exciting and innovative startups that can enhance the insurance industry's ability to deliver new products and services to clients,” said Plug and Play CEO and Founder Saeed Amidi. “We will be looking at the globe for the companies we could invest in and accelerate.”

Plug and Play will conduct two startup review sessions per year and source 100 to 200 startups in consumer and industrial IoT. From these candidates HSB and Munich Re will have the opportunity to help select up to 10 startup companies chosen to go through Plug and Play's IoT acceleration program. During the course of the three month acceleration program, HSB and Munich Re will work with applicable startups and other sponsoring companies to align technology of interest and evaluate possibilities for collaboration as part of the program.

Note for the editorial staff:

For further questions please contact

Media Relations, HSB, Dennis Milewski
Tel.: +1 (860) 722-5567

Media Relations Munich, Anke Rosumek
Tel.: +49 (89) 38 91-23 38

About HSB

Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading engineering and technical risk insurer providing equipment breakdown insurance products, other specialty coverages, and related inspection services and engineering consulting. Founded in 1866, HSB's difference is grounded in extensive technical knowledge with over 50 percent of its staff engineers, inspectors and technical personnel around the globe. We leverage our knowledge to anticipate future risks and develop a range of specialized solutions that enable our clients to build deeper and more profitable customer relationships.  HSB holds A.M. Best Company’s highest financial rating, A++ (Superior).

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 solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2012, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of around €52bn. It operates in all lines of insurance, with around 45,000 employees throughout the world. With premium income of around €28bn 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. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the major insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2012, ERGO posted premium income of €19bn. 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 €214bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.

Hartford, Connecticut, May 20, 2015

The Hartford Steam Boiler Inspection and Insurance Company
One State Street
P.O. Box 5024
Hartford, Connecticut 06102-5024
United States

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