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) - September 28, 2000
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 September 29, 2000, The Hartford Steam Boiler Inspection and Insurance
Company ("HSBIIC"), the principal subsidiary of HSB Group, Inc. (the
"Registrant") completed the sale of its 51% membership interest in Integrated
Process Technologies, LLC ("IPT") to Enron Energy Services Operations, Inc.
("EESO") pursuant to an LLC Membership Interest Purchase Agreement between
HSBIIC and EESO dated September 28, 2000. In a related transaction, HSBIIC
completed the sale of a call option it held on an additional 29% interest in IPT
to the other 49% holder in IPT. HSBIIC realized a pre-tax gain of approximately
$9,000,000 from the two IPT sales transactions. Under the merger agreement dated
as of August 17, 2000 between the Registrant and Engine Acquisition Corporation,
a wholly owned subsidiary of American International Group, Inc. ("AIG"), the
consent of AIG was necessary in order to complete the sale of IPT. AIG provided
its consent to the transaction.
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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: October 3, 2000 /s/ R. Kevin Price
R. Kevin Price
Senior Vice President
and Corporate Secretary
