HSB Group to Acquire Solomon Associates

HSB Group, Inc. (HSB) and Solomon Associates, Inc. (SAI) announced on May 1 an agreement for HSB to acquire SAI. The boards of directors of both corporations have approved the proposed acquisition, the terms of which were not disclosed. Within the HSB organization, SAI will be closely affiliated with HSB Reliability Technologies.

SAI had gross sales in 1997 of $13 million and provides comparative performance benchmarking to 80% of the worldwide petroleum refining industry. The company also serves petro-chemical and power generation customers. In addition, SAI conducts performance improvement consulting, business valuation assessments, and performance monitoring and maintenance database services. The company, founded in 1981 and headquartered in Dallas, has offices in Houston and Windsor, England.

Lee Solomon will remain SAI chief executive officer and be appointed chairman of the SAI board of directors.

HSB Reliability Technologies improves profitability through development and implementation of reliability strategies. The company's hands-on consulting and business process management techniques are designed to improve financial performance and reduce risk.

HSB Group, Inc. is a global provider of insurance products and engineering management consulting services. HSB is the parent company of The Hartford Steam Boiler Inspection and Insurance Company, founded in 1866 and the largest provider of equipment breakdown insurance in the world. HSB provides specialty insurance, reinsurance and technical consulting services to businesses, governments and institutions in more than 80 countries worldwide.