HSB and LABC Warranty will create a strong risk management-led specialist group of companies
HSB (UK and Ireland) today announced the completion of its purchase of the MD Group of companies, including its managing general agent, MD Insurance Services Ltd and the well-known LABC Warranty brand.
The acquisition supports HSB’s UK growth ambitions by expanding its insurance offerings within the UK construction sector to create a strong engineering-led specialist organisation focused on a risk management-led approach.
“I’m delighted to be welcoming our LABC Warranty colleagues into our HSB family,” commented Stephen Worrall, CEO, HSB (UK and Ireland). “This is a great acquisition as it supports our mutual future ambitions and strategy for growth. The combined businesses enhance our strength as a specialist insurer and risk solutions partner.”
LABC Warranty will continue to operate from Birkenhead and Jacki Goodman will remain as Managing Director, reporting into HSB’s CEO, Stephen Worrall, in the new organisational structure.
Stephen Worrall continued: “Together, we will build on our strong products, technical expertise and customer service to provide a greater range of solutions to customers.”
Jacki Goodman, Managing Director of LABC Warranty added: “Today marks the beginning of an exciting future for LABC Warranty. We have worked hard to achieve our success and our unwavering commitment to serve the construction sector led us to our position as a leading player in the latent defects insurance market. Becoming part of HSB is both a reward for these efforts and testimony to our ability, reputation, and potential to realise even greater success. We look forward to making our mark together and helping customers build the quality new homes our country needs.”
HSB has had a relationship with the MD Group since 2012, providing specialist machinery inherent defects insurance to its customers and latterly primary insurance capacity for its inherent defects insurance facility.
Based in Birkenhead, the MD Group has 443 employees, including a national network of field-based building surveyors.
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