HSB to acquire structural warranties specialist – MD Group
- HSB UK is acquiring the UK structural warranties and building surveying specialist, which includes the well-known Premier Guarantee and LABC Warranty brands
- HSB UK acquiring complementary insurance specialist to support UK growth ambitions
Deal supports HSB’s UK growth ambitions
HSB (UK) has announced its agreement to purchase the MD Group of companies including its managing general agent, MD Insurance Services Ltd. In the deal, which is subject to regulatory approval, HSB will acquire the structural warranties specialist which includes the well-known Premier Guarantee and LABC Warranty brands.
The acquisition supports HSB’s UK growth ambitions by adding a complementary insurance specialist to its growing business. Stephen Worrall, Managing Director, HSB commented: “I’m really excited with the opportunity for us to work with the MD Group. This acquisition will not only expand our core insurance offerings into the structural warranty arena but also enhance our distribution capabilities within the UK construction industry.”
HSB has had a relationship with the MD Group since 2012, providing specialist machinery inherent defects insurance to its customers. In 2020, HSB extended its relationship further by becoming MD Group’s primary insurance capacity provider for its inherent defects facility.
Stephen Worrall continued: “With the same specialist risk management-led underwriting ethos, which is supported by an expert team of surveyors, the MD Group are a complementary fit with HSB. And I’m really looking forward to welcoming them to our HSB family.”
Established in 1997, the MD Group is a leading provider of structural warranty, building control and other insurance services to the construction sector across the UK. Its 435 employees include a national network of field-based building surveyors.
Gary Devaney, Chairman and CEO of MD Group commented: “Having established MD Group in 1997 I am immensely proud of how far we have come. Going forward as part of HSB and the Munich Re Group, we will now have the support and resources of one of the world’s most experienced and stable insurance and reinsurance companies to continue this success story.”
Jacki Goodman, Managing Director of MD Group added: “Becoming part of the HSB family is an exciting step for our staff and business. This is a major boost for us and will benefit our organisation greatly as we develop and grow.”
The deal is part of HSB Group’s global acquisition strategy to further expand its insurance, engineering and technology expertise. Peter Richter, HSB Group Chief Financial Officer commented: “Our HSB global strategy is focused on expanding our markets, and investment to support the growth of HSB’s UK operations is a key part of that strategy. The acquisition of the MD Group provides an excellent opportunity to complement HSB’s existing expertise in its UK markets and further build on its success.”
Following the acquisition, the MD Group will continue to operate from Birkenhead.
HSB, part of Munich Re, is a leading specialist provider of engineering and technology insurance and inspection services.
Backed by over 150 years of innovation and covering a broad range of technologies and industry sectors, we help customers reduce risk through the provision of innovative construction, engineering, energy, and cyber insurance products.
Established in the U.S. in 1866, HSB’s founding principles of technical expertise and loss prevention remain at the forefront of the work we do today. Whether it’s engineering solutions for contractors, comprehensive machinery and technology insurance, innovative energy efficiency policies, or SME cyber risk covers, we have the knowledge to show customers how, working with HSB, they can stay ahead of emerging risks in a complex world.
With over 500 employees, and offices in Belfast, Birmingham, Dublin, Glasgow, London and Manchester, we provide insurance and engineering inspection services that touch almost every aspect of work and life.
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