HSB to acquire LABC Warranty
HSB (UK) have announced its agreement to purchase the scheme administrator of LABC Warranty. The deal, which is subject to regulatory approval, provides LABC Warranty with the support of one of the most experienced and stable insurance groups.
HSB has had a relationship with LABC Warranty since 2012, providing specialist Machinery Inherent Defects Insurance to LABC Warranty customers. In 2020, HSB extended its relationship further by becoming the primary insurance capacity provider. Based in North America, the HSB Group is a member of the Munich Re Group, one of the top providers of reinsurance, primary insurance and insurance related risk solutions in the world.
The acquisition supports HSB’s UK and Ireland growth ambitions by adding a complementary insurance specialist to its growing business. Stephen Worrall, Managing Director, HSB UK commented: “We’re really excited. This acquisition is a great opportunity for HSB to expand its core insurance business offering into the structural warranty area and enhance our distribution capabilities for our construction products within the construction industry.”
Jacki Goodman, Managing Director of LABC Warranty highlights the benefits to LABC Warranty; “We see the investment of HSB as the next step in the development of LABC Warranty. The secure A++ (Superior) backing, combined with their technical expertise will undoubtedly benefit our customers and help us support them into the future.”
Customers that have any questions about how the deal affects them can find further information here.