Chicago — Taking a step toward putting its financial house in order, New York-based American International Group (AIG) has sold its specialty insurance subsidiary HSB Group to Munich Re for $742 million in cash. The transaction marks the first major divestiture for beleaguered AIG after it agreed to accept a bailout from the U.S. Treasury.
Hartford, Connecticut-based HSB Group is the parent company of Hartford Steam Boiler Inspection and Insurance Co. (HSB), which provides machinery/plant and equipment breakdown insurance, inspection, certification and engineering consulting services. Financially healthy, HSB posted an after-tax profit of $158 million on $ 904 million in gross written premium in 2007.
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