SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) - July 13, 1998
HSB Group, Inc.
(Exact name of registrant as specified in its charter)
Connecticut 001-13135 06-1475343
(State or other (Commission (IRS Employer
jurisdiction of incorporation) File Number) Identification No.)
One State Street, Hartford, Connecticut 06102-5024
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code - (860-722-1866)
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Item 5. Other Events
On July 13, 1998, HSB Group, Inc. (the Company) issued a press release
announcing the completion of its acquisition of the monoline boiler and
machinery business of Kemper Insurance Companies, effective July 1, 1998.
Included herewith as Exhibit 99 is the Company's press release related to this
announcement and such information is incorporated herein by reference.
Item 7. Exhibits.
99. The Company's press release dated July 13, 1998.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
HSB GROUP, INC.
Dated: July 13, 1998 /s/ R. Kevin Price
R. Kevin Price
Senior Vice President and Corporate
Secretary
Exhibit 99
MEDIA CONTACT:
Dennis Milewski (860) 722-5567
FINANCIAL CONTACT:
Jim Rowan (860) 722-5180
FOR IMMEDIATE RELEASE
HARTFORD STEAM BOILER COMPLETES ACQUISITION OF
KEMPER BOILER AND MACHINERY BUSINESS
HARTFORD, Conn., July 13, 1998 -- The Hartford Steam Boiler Inspection and
Insurance Company (HSB) has completed its acquisition of the monoline boiler and
machinery business of Kemper Insurance Companies, effective July 1, 1998. The
companies also completed an arrangement for HSB to reinsure boiler and machinery
coverage written as part of Kemper's commercial package policies. Terms of the
transaction were not disclosed.
HSB will provide jurisdictional inspections, loss prevention and claim services
to Kemper insureds. In addition, HSB purchased Kemper's ASME inspection service
business, a fee-based engineering service that certifies boiler and pressure
vessel compliance with codes and standards of the American Society of Mechanical
Engineers.
In 1997, Kemper reported equipment breakdown premiums of approximately $80
million and engineering fees for ASME inspections of $7.5 million. HSB also will
offer employment to Kemper underwriters, inspectors and engineering specialists.
"Not only did we acquire Kemper's fine book of monoline business," said Gordon
W. Kreh, president and chief executive officer of HSB, "but we are extremely
pleased to add the people who helped make that business a success. They give HSB
additional strength to grow and technical skills to help customers prevent
loss."
HSB Group, Inc.(NYSE:HSB) is a global provider of insurance products and
engineering management consulting services. HSB Group is the parent company of
The Hartford Steam Boiler Inspection and Insurance Company, founded in 1866 to
provide loss prevention service and insurance to businesses, industries and
institutions. For more information about HSB, visit its website at www.hsb.com.
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