Tuesday 2nd November 2021
Deal supports HSB’s UK growth ambitions
HSB (UK) today announced its agreement to purchase the MD Group of companies including its managing general agent, MD Insurance Services Ltd. In the deal, which is subject to regulatory approval, HSB will acquire the structural warranties specialist which includes the well-known LABC Warranty brand.
The acquisition supports HSB’s UK growth ambitions by adding a complementary insurance specialist to its growing business. Stephen Worrall, Managing Director, HSB commented: “I’m really excited with the opportunity for us to work with the MD Group. This acquisition will not only expand our core insurance offerings into the structural warranty arena but also enhance our distribution capabilities within the UK construction industry.”
HSB has had a relationship with the MD Group since 2012, providing specialist machinery inherent defects insurance to its customers. In 2020, HSB extended its relationship further by becoming their primary insurance capacity provider.
Stephen Worrall continued: “With the same specialist risk management-led underwriting ethos, which is supported by an expert team of surveyors, LABC Warranty are a complementary fit with HSB. And we’re really looking forward to welcoming them to our HSB family.”
Jacki Goodman, Managing Director of LABC Warranty, said: “We see the investment of HSB as the next step in the development of LABC Warranty. HSB’s secure A++ (Superior) A.M. Best Company rating, combined with their technical expertise will undoubtedly benefit our customers and help us support them into the future.”
Following the acquisition, LABC Warranty will continue to operate from Birkenhead.
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HSB, part of Munich Re, is a specialist insurer and provider of inspection and risk management services. HSB’s insurance offerings in the UK and Ireland include construction, equipment breakdown, cyber and computer, and energy covers. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsbeil.com and connect on LinkedIn and Twitter.
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2017 Atlantic hurricane season and to the California wildfires in 2018. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.