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AIG Sells Hartford Steam Boiler

By Kristie Borges

| Wednesday, Apr 1, 2009 | Updated 2:45 PM EST

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AIG sells Hartford Steam Boiler to German Company.

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A.I.G. has finalized the deal to sell Hartford Steam Boiler Inspection and Insurance Company.

Germany’s Munich Re will buy the Hartford-based insurance company for $742 million. AIG is selling as part of a plan to shed many of its businesses to help repay the government bailout.

A Hartford Steam Boiler spokesman told NBCConnecticut.com that this purchase is seen as a growth opportunity for the company.

HSB employs 389 people in Hartford and they expect no job losses with the sale. The company also will not change its name.

The HSB is one of the largest insurance and inspection companies specializing in engineering risks in the United States.

“Our partnership with Munich Re will open new opportunities for HSB to create value for our clients and grow our business in the U.S. and around the globe,” said Doug Elliot, president and CEO of HSB Group.