Exhibit 99
CONTACT:
Dennis Milewski, (860) 722-5567
FOR IMMEDIATE RELEASE
HSB GROUP UNITES ALL INSURANCE OPERATIONS
UNDER NORMAND MERCIER
HARTFORD, Conn., June 16, 2000 -- HSB Group, Inc. (NYSE-HSB) announced today the
unification of all insurance operations under Normand Mercier. Mercier has been
appointed to the newly created position of chief global insurance officer of
HSB.
This action combines all of HSB Group's commercial and large account special
risk insurance businesses worldwide.
"Norm is a strong and disciplined manager with the energy and broad experience
to lead our global insurance business," said Richard H. Booth, chairman,
president and chief executive officer of HSB Group. "Under his leadership, our
U.S. commercial operations have continued their strong growth and profitability.
He is extraordinarily competent and driven to improve the profitability and
competitive position of our insurance businesses."
"We have a number of key goals in unifying our insurance operations," said
Mercier. "First and foremost is to maximize the profitability and productivity
of our global insurance business. We also see opportunities to better align our
people with the needs of our customers and more fully leverage HSB's engineering
skills to prevent or reduce loss."
Mercier will lead the U.S. commercial division of HSB which provides equipment
breakdown insurance to more than one million businesses and the U.S. energy
division of HSB that insures power generation facilities and select oil,
chemical and gas industries. He will also manage HSB Engineering Insurance
Limited, headquartered in London, that insures industries in 90 countries, as
well as The Boiler Inspection and Insurance Company of Canada and other
insurance subsidiaries.
Mercier most recently was senior vice president of HSB Group, Inc., responsible
for the U.S. commercial insurance operations, a position he assumed in November
1998. Prior to joining HSB Group, Mercier was president and general manager of
The Boiler Inspection and Insurance Company of Canada (BI&I).
Under his guidance, BI&I consistently produced strong underwriting results,
while growing revenues and achieving productivity gains.
Mercier, a native of Canada, is a fellow, with honors of the Insurance Institute
of Canada and holds a bachelor's of science degree from the University of
Montreal.
HSB Group, Inc., the parent company of The Hartford Steam Boiler Inspection and
Insurance Company, is a global provider of specialty insurance products,
engineering services and management consulting. The Hartford Steam Boiler
Inspection and Insurance Company was founded in 1866 to provide loss prevention
service and insurance to businesses, industries and institutions.
This news release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, that are management's
estimates, assumptions and projections and are not guarantees of future
performance. Forward-looking statements involve known and unknown risks and
uncertainties. These and other important factors, including those mentioned in
various Securities and Exchange Commission filings made periodically by the
company, may cause the company's actual results and performance to differ
materially. Investors and prospective investors should read this news release in
conjunction with the company's most recent Form 10-K, Form 10-Q and other
documents filed with the Securities and Exchange Commission.
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