AIG TO ACQUIRE HSB GROUP

American International Group Inc. and HSB Group, Inc. have entered into a definitive agreement whereby AIG will acquire 100 percent of the outstanding stock of HSB Group. The total value of the transaction is approximately $1.2 billion. The transaction has been approved by the boards of both companies, and is subject to various regulatory approvals, as well as the approval of HSB stockholders. The parties expect that the transaction will be able to close later this year or early next year. HSB Group is the parent company of The Hartford Steam Boiler Inspection and Insurance Company and is a global provider of specialty insurance products, engineering services and management consulting.

Topics Mergers & Acquisitions AIG