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) - June 23, 1997
THE HARTFORD STEAM BOILER INSPECTION AND INSURANCE COMPANY
(Exact name of registrant as specified in its charter)
Connecticut 0-13300 06-0384680
(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 June 23, 1997, The Hartford Steam Boiler Inspection and Insurance Company
(the Company) issued a press release announcing that shareholders voted to
approve an Agreement and Plan of Share Exchange in connection with the formation
of a revised holding company structure. 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 June 23, 1997.
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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.
THE HARTFORD STEAM BOILER
INSPECTION AND INSURANCE COMPANY
Dated: June 23, 1997 /s/ R. Kevin Price
R. Kevin Price
Senior Vice President and Corporate
Secretary
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NEWS FROM HARTFORD STEAM BOILER
THE HARTFORD STEAM BOILER INSPECTION AND INSURANCE COMPANY
ONE STATE STREET, HARTFORD, CONNECTICUT 06102
CONTACT:
James C. Rowan Jr.
Office: (860) 722-5180
FOR IMMEDIATE RELEASE
HARTFORD STEAM BOILER
FORMS NEW HOLDING COMPANY STRUCTURE
AND DECLARES DIVIDEND
HARTFORD, CT, June 23, 1997 -- At a special meeting of The Hartford Steam Boiler
Inspection and Insurance Company (NYSE - HSB), held today at the company's
headquarters, shareholders voted to approve a proposal which enables the company
to form a new holding company, HSB Group, Inc.
"The formation of a new holding company structure will provide greater operating
and financial flexibility in connection with certain investments, business
operations and financing activities than is available under the current
structure," President and Chief Executive Officer Gordon W. Kreh said. "Holding
company structures are frequently used when an organization conducts regulated
and unregulated lines of businesses and are commonly found in the insurance
industry."
Current shareholders of the company's common stock will automatically become
holders of HSB Group's common stock through a share exchange approved by the
shareholders, the company said, and certificates representing Hartford Steam
Boiler common stock will automatically represent the corresponding shares of HSB
Group common stock. The stock will continue to be listed on the New York Stock
Exchange under the trading symbol "HSB."
The company also said that the Board of Directors, meeting earlier today,
declared a regular quarterly dividend of 57 cents per share, payable July 31 to
shareholders of record July 10.
The largest provider of equipment breakdown insurance in the world, Hartford
Steam Boiler has specialized in loss prevention and loss control engineering
since 1866.
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