INCLUDING THE ACQUISITION of structural warranties specialist LABC Warranty brand, HSB (UK) today announced its agreement to purchase the MD Group of companies.
In the deal, which is subject to regulatory approval, HSB will also acquire the MD Group managing general agent, MD Insurance Services Ltd.
The acquisition supports HSB’s UK growth ambitions by adding a complementary insurance specialist to its business. Stephen Worrall, Managing Director, 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.”
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 their primary insurance capacity provider.
Stephen Worrall continued: “With the same specialist risk management-led underwriting ethos, which is supported by an expert team of surveyors, LABC Warranty are a complementary fit with HSB. And we’re really looking forward to welcoming them to our HSB family.”
LABC Warranty Acquisition
Jacki Goodman, Managing Director of LABC Warranty: “We see the investment of HSB as the next step in the development of LABC Warranty. HSB’s secure A++ (Superior) A.M. Best Company rating, combined with their technical expertise will undoubtedly benefit our customers and help us support them into the future.”
Following the acquisition, LABC Warranty will continue to operate from Birkenhead.