<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
HSB GROUP, INC.
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
40428N109
(CUSIP Number)
Kathleen E. Shannon
Vice President and Secretary
American International Group, Inc.
70 Pine Street
New York, NY 10270
(212) 770-5123
(Name, Address and Telephone Number
of Person Authorized to Receive
Notices and Communications)
September 6, 2000
(Date of Event which Requires Filing of this Statement)
If a filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom
copies are to be sent.
<PAGE> 2
--------------------
CUSIP NO. 40428N109
--------------------
---------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
American International Group, Inc.
I.R.S. Identification No. 13-2592361
---------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
---------------------------------------------------------------
3. SEC USE ONLY
---------------------------------------------------------------
4. SOURCE OF FUNDS
OO
---------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e) [ ]
---------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Organized under the laws of the State of Delaware
---------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 5,777,272
SHARES -------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 359,950
EACH -------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 5,777,272
WITH -------------------------------------------
10. SHARED DISPOSITIVE POWER
359,950
---------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
6,137,222
---------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
---------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.1%
---------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO, HC
---------------------------------------------------------------
2
<PAGE> 3
--------------------
CUSIP NO. 40428N109
--------------------
---------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
American Home Assurance Company
I.R.S. Identification No. 13-5124990
---------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
---------------------------------------------------------------
3. SEC USE ONLY
---------------------------------------------------------------
4. SOURCE OF FUNDS
WC
---------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e) [ ]
---------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Organized under the laws of the State of New York
---------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 358,700
EACH -------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 0
WITH -------------------------------------------
10. SHARED DISPOSITIVE POWER
358,700
---------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
358,700
---------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
---------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.2%
---------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IC, CO
---------------------------------------------------------------
3
<PAGE> 4
--------------------
CUSIP NO. 40428N109
--------------------
---------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Insurance Company of the State of Pennsylvania
I.R.S. Identification No. 13-5540698
---------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
---------------------------------------------------------------
3. SEC USE ONLY
---------------------------------------------------------------
4. SOURCE OF FUNDS
WC
---------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e) [ ]
---------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Organized under the laws of the State of Pennsylvania
---------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 650
EACH -------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 0
WITH -------------------------------------------
10. SHARED DISPOSITIVE POWER
650
---------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
650
---------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
---------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.002%
---------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IC, CO
---------------------------------------------------------------
4
<PAGE> 5
--------------------
CUSIP NO. 40428N109
--------------------
---------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Commerce and Industry Insurance Company
I.R.S. Identification No. 13-1938623
---------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
---------------------------------------------------------------
3. SEC USE ONLY
---------------------------------------------------------------
4. SOURCE OF FUNDS
WC
---------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e) [ ]
---------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Organized under the laws of the State of New York
---------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 600
EACH -------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 0
WITH -------------------------------------------
10. SHARED DISPOSITIVE POWER
600
---------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
600
---------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
---------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.002%
---------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IC, CO
---------------------------------------------------------------
5
<PAGE> 6
--------------------
CUSIP NO. 40428N109
--------------------
---------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
AIG Global Investment Corp.
I.R.S. Identification No. 06-0178320
---------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
---------------------------------------------------------------
3. SEC USE ONLY
---------------------------------------------------------------
4. SOURCE OF FUNDS
00
---------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e) [ ]
---------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Organized under the laws of the State of New Jersey
---------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF 0
SHARES -------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 359,950
EACH -------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 0
WITH -------------------------------------------
10. SHARED DISPOSITIVE POWER
359,950
---------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
359,950
---------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[ ]
---------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.24%
---------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IA, CO
---------------------------------------------------------------
6
<PAGE> 7
--------------------
CUSIP NO. 40428N109
--------------------
ITEM 1. SECURITY AND ISSUER
This Amendment No. 1 amends and supplements Items 6 and 7 of
the Statement on Schedule 13D dated August 25, 2000 (the "Schedule 13D")
previously filed by American International Group, Inc., a Delaware corporation
("AIG"), on behalf of itself and its wholly-owned subsidiaries, American Home
Assurance Company, a New York corporation, The Insurance Company of the State of
Pennsylvania, a Pennsylvania corporation, Commerce and Industry Insurance
Company, a New York corporation, and AIG Global Investment Corp., a New Jersey
corporation, relating to shares of Common Stock, no par value per share (the
"Shares"), of HSB Group, Inc. (the "Issuer"). The address of the principal
executive offices of the Issuer is P.O. Box 5024, One State Street, Hartford,
Connecticut 06102-5024.
Each capitalized term used in this Statement which is defined
in the Schedule 13D shall have the meaning ascribed thereto in the Schedule 13D.
7
<PAGE> 8
----------------------------
CUSIP NO. 40428N109
----------------------------
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE
ISSUER
On September 6, 2000, AIG and the Issuer entered into a Term
Loan Agreement (the "Term Loan Agreement"), pursuant to which AIG has agreed to
make a 5-year term loan to the Issuer, on or prior to September 14, 2000, in
the principal amount of $315 million. The proceeds of such loan will be used to
redeem the 7.0% convertible subordinated deferrable interest debentures due
December 31, 2017, issued by the Issuer to HSB Capital II, a statutory business
trust created and wholly-owned by the Issuer (the "Trust"). The Trust will use
the proceeds from such redemption to redeem its convertible capital securities,
with an aggregate liquidation preference of $300 million.
The Term Loan Agreement is attached here to as Exhibit A and
is incorporated herein by reference in its entirety. The foregoing summary of
the Term Loan Agreement does not purport to be complete and is qualified in
its entirety by reference to such exhibit.
Other than the Term Loan Agreement and the Merger Agreement
and the Stock Option Agreement described in the response to Item 4 of the
Schedule 13D and the transactions contemplated thereby, there are no contracts,
arrangements, understandings or relationships between AIG and any other person,
or, to the best knowledge of AIG, among any of American Home, ISOP, Commerce
and Industry, Global Investment, SICO, The Starr Foundation, Starr or any of
the Covered Persons and any other person, with respect to the Shares or any
other securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A Agreement of Joint Filing by and among American
International Group Inc., American Home Assurance
Company, The Insurance Company of The State of
Pennsylvania, Commerce and Industry Insurance Company
and AIG Global Investment Corp., dated as of
August 21, 2000. (Previously filed.)
Exhibit B Agreement and Plan of Merger, dated as of August 17,
2000, among the Issuer, AIG and EAC. (Previously
filed.)
Exhibit C Stock Option Agreement, dated as of August 17, 2000,
between the Issuer and AIG. (Previously filed.)
Exhibit D Term Loan Agreement, dated as of September 6, 2000,
between AIG and the Issuer. (Filed herewith.)
Annex A List of Directors and Executive Officers of American
International Group, Inc., American Home Assurance
Company, The Insurance Company of The State of
Pennsylvania, Commerce and Industry Insurance
Company, AIG Global Investment Corp., Starr
International Company, Inc., The Starr Foundation
and C.V. Starr & Co., Inc. (Previously filed.)
8
<PAGE> 9
----------------------
CUSIP NO. 40428N109
----------------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: September 8, 2000
AMERICAN INTERNATIONAL GROUP, INC.
By: /s/ Kathleen E. Shannon
-----------------------------
Name: Kathleen E. Shannon
Title: Vice President and
Secretary
AMERICAN HOME ASSURANCE COMPANY
By: /s/ Edward E. Matthews
-----------------------------
Name: Edward E. Matthews
Title: Senior Vice President
THE INSURANCE COMPANY OF THE STATE
OF PENNSYLVANIA
By: /s/ Edward E. Matthews
-----------------------------
Name: Edward E. Matthews
Title: Senior Vice President
COMMERCE AND INDUSTRY INSURANCE
COMPANY
By: /s/ Edward E. Matthews
-----------------------------
Name: Edward E. Matthews
Title: Senior Vice President
AIG GLOBAL INVESTMENT CORP.
By: /s/ Win J. Neuger
-----------------------------
Name: Win J. Neuger
Title: Chairman and Chief
Executive Officer
9
