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The Actuary The magazine of the Institute & Faculty of Actuaries

AIG disposal programme in play

Munich Re has acquired the Hartford Steam Boiler (HSB) Group from stricken global insurance group AIG. HSB is a provider of equipment breakdown and engineered lines of insurance and reinsurance. Under the terms of the transaction, Munich Re will acquire 100% of the outstanding shares of HSB Group for $742m in cash and assume $76m of outstanding HSB capital securities.

Early in December, AIG had announced the sale of its AIG Private Bank subsidiary to Aabar Investments for $254m. The bank provides services for high net worth individuals in Europe, Asia and the Middle East.