HSB Engineering Insurance marks its 150th anniversary
HSB Engineering Insurance (HSB), part of Munich Re, is celebrating its 150th anniversary this month as the specialty insurer and engineering services company recalls its history from the age of steam to renewable energy to microelectronics.
“With 150 years of industry leadership, HSB Group sets the standard for excellence in specialty insurance as regards product and underwriting quality, inspection services and claims management,” said Peter Röder, a Board Member of Munich Re, responsible for Global Clients and North America.
Founded on June 30, 1866, the Hartford Steam Boiler Inspection and Insurance Company took a scientific approach to the exposures of the day, combining engineering, inspection services and insurance to combat the risk of boiler explosions, which occurred frequently and killed and injured thousands of people.
"The founders of HSB had the vision to combine accident prevention with insurance", said Greg Barats, President and Chief Executive Officer of HSB Group. "I'm proud that we have not strayed from our original path. Today, HSB is a 150-year-old company with a startup culture. We are focused on evolving technologies, loss control and inventing new insurance solutions for the future."
Over the years, HSB has been at the forefront of many new technologies, offering products and services that protect businesses and people’s homes, help prevent losses and advance energy sustainability. Loss prevention and innovation are at the core of HSB's values.
HSB, part of Munich Re, is one of the world's largest equipment breakdown insurers and a leading provider of engineering services and specialty insurance. HSB coverages include cyber risks, machinery and technology breakdown and damage, and renewable energy and energy efficiency performance.
Watch our video to learn more about the founding of HSB and its role in insuring emerging technology trends.