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8 April 2015 | Press Release

The Boiler Inspection and Insurance Company of Canada (HSB BI&I) celebrates 140 years

Equipment breakdown insurer with deep roots in Canada looks toward the future

The Boiler Inspection and Insurance Company of Canada (HSB BI&I), today celebrates 140 years as Canada’s leading equipment breakdown insurer.

 

Founded in 1875 as The Canadian Steam Users Insurance Association, the corporation purchased the Canadian business of Hartford Steam Boiler Inspection and Insurance Company (HSB) for $970. In 1882, its name was changed to The Boiler Inspection and Insurance Company of Canada (BI&I) to more closely reflect the purpose and operations of the company. In 1907, BI&I merged with HSB, and in 2009 it became part of Munich Re, one of the world’s leading reinsurers.

 

“HSB BI&I is proud of its deep historical roots, and as we move into the future, our eyes remain focused on providing our customers with smart solutions for emerging equipment exposures,” said John Mulvihill, president and chief executive officer.

 

With its core business grounded in equipment breakdown risk, HSB BI&I boasts Canada’s largest in-house inspection force and access to the world’s most extensive database of equipment failures. With boiler and machinery coverage as its cornerstone, the company continues to expand product offerings in response to emerging risks. In recent years, it launched home systems protection, data compromise and cyber risk coverage.

 

Note for the editorial staff:

For further questions please contact

Media Relations, HSB BI&I, Silvana Martins

Tel.: (416) 216-7204

 

Media Relations, Munich Reinsurance America, Terese Rosenthal

Tel.: (609) 243-4339

 

About The Boiler Inspection and Insurance Company of Canada

The Boiler Inspection and Insurance Company of Canada, a member of the HSB Group and part of Munich Re’s Risk Solutions family, provides the industry-leading range of specialty equipment breakdown insurance coverages for business and home. As Canada’s leading equipment breakdown insurer, the company helps clients reduce risk through a unique combination of specialty coverages, engineering-based risk management strategies, and an in-house team of jurisdictional and loss-prevention inspectors. For more information, visit biico.com.

Follow us on Linkedin, Twitter, Facebook.

 

About Munich Re

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 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn 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 leading 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 2014, ERGO posted premium income of €18bn. 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 €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.

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© The Boiler Inspection and Insurance Company of Canada | La Compagnie d’Inspection et d’Assurance Chaudière et Machinerie du Canada.
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