Munich Re agrees to buy AIG business for $742m
Munich Re has agreed to acquire specialty insurer Hartford Steam Boiler (HSB Group) from AIG for $742m (€531m). The reinsurance giant stressed it had funded the deal entirely from "existing resources".
In 2007, HSB posted an after-tax profit of $158m and the company's average combined ratio since 2003 has been an outstanding 73.8% (both figures based on consolidated statutory financial statements).
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