Munich Re’s Hartford Steam Boiler is formally rebranding itself with a new name – an acronym of the moniker it has had for 154 years.
The Connecticut-based specialty insurer will now be known formally as HSB, the company said in a March 2 announcement. HSB’s name change also comes with a new logo, including an updated version of its iconic “locomotive” above the HSB name.
HSB’s three largest businesses – Hartford Steam Boiler in the United States, the Boiler Inspection and Insurance Company of Canada, and HSB Engineering Insurance in the United Kingdom – are all together now under the single HSB brand, the name of which formalizes a long-used acronym.
HSB explained that the change is meant to reflect its evolution as a specialty insurer and risk management partner with a focus on technology and innovation.
“HSB is unlocking new capabilities driven by the innovation and potential of the Internet of Things, proprietary algorithms and data science,” Greg Barats, HSB president and CEO, said in prepared remarks. “As we use data and analytics to expand products and services with digital tools, we generate new value as an innovation engine for our insurance and industrial partners.”
HSB provides coverage in areas including equipment breakdown insurance, cyber risk and specialty coverages for business, home and farm. As well, it offers services in areas such as global inspections and engineering, and Internet of Things technologies for business and industry. Also, the insurer’s HSB fund invests in various insurance industry-related startups and innovative technologies.
Munich Re bought HSB from American Insurance Group in 2009 for $739 million.
Source: Munich Re/HSB