The deal will ‘expand our core insurance offerings into the structural warranty arena’, says insurer managing director
Munich Re-owned specialist insurer HSB UK has agreed to purchase the MD Group of companies, including its managing general agent MD Insurance Services.
The deal also includes the Premier Guarantee and LABC Warranty brands, which are specialist structural warranties businesses.
Established in 1997, MD Group provides structural warranty, building control and other insurance services to the UK construction sector. Its 435 employees include a national network of field-based building surveyors.
Following the acquisition, which is subject to regulatory approval, MD Group will continue to operate from Birkenhead in Wirral.
Stephen Worrall, managing director of HSB, said: “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.”
‘Success story’
The insurer started its relationship with MD Group in 2012, providing specialist machinery inherent defects insurance to its customers. HSB then became MD Group’s primary insurance capacity provider for its inherent defects facility in 2020.
MD Group chairman and chief executive Gary Devaney said: “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.”
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