HSB UK has acquired UK structural warranties and building surveying specialist, MD Group, which includes the well-known Premier Guarantee brand
HSB has agreed 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 Premier Guarantee.
The acquisition supports HSB’s UK growth ambitions by adding a complementary insurance specialist to its growing business.
‘A complementary fit with HSB’
Stephen Worrall, managing director at 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 for its inherent defects facility.
Stephen Worrall, added: “With the same specialist risk management-led underwriting ethos, which is supported by an expert team of surveyors, Premier Guarantee are a complementary fit with HSB. And we’re really looking forward to welcoming them to our HSB family.”
Gary Devaney, CEO and Chairman of Premier Guarantee, commented: “This is an exciting development for Premier Guarantee.
“Over the past 25 years we have grown from covering single homes, to working with the largest housebuilders and residential projects in the UK.
“The support of HSB and the Munich Re group will allow us to continue this success story and better support our customers”
Following the acquisition, Premier Guarantee will continue to operate from Birkenhead.