Hartford Steam Boiler Inspection and Insurance Company to Acquire Hartford Office Tower form Hines

The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, said that it had signed a purchase agreement with Hines, an international real estate firm, to acquire One State Street, a 24 story office building in Hartford that is HSB's corporate headquarters.

HSB is the principal tenant of the landmark building that overlooks the Connecticut River.

"HSB is committed to Hartford and proud to call this city home," said Greg Barats, president and CEO of HSB. "This investment in our future lowers our operating costs and gives us the flexibility to design a high-energy work environment that inspires creativity and new solutions for clients."

In a release, the Company said that Hines, which has owned and operated the building since its completion in 1983, will continue to manage the property. The transaction is expected to close in late January 2014. The terms of the agreement were not disclosed.

Hartford Steam Boiler (HSB), a member of Munich Re's Risk Solutions family since 2009, is an engineering and technical risk insurer providing equipment breakdown insurance products, other specialty coverages, and related inspection services and engineering consulting.

In the U.S., Munich Re provides access to a full range of property and casualty reinsurance and specialty insurance products through Munich Reinsurance America, Inc., American Modern Insurance Group and Hartford Steam Boiler Group.

More Information:

hsb.com

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