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Member, Beacon International Group, Ltd.
JOHNSTON, R.I.Factory Mutual Insurance Co., which does business as FM Global, may consider acquiring American International Group Inc.'s Hartford Steam Boiler Inspection & Insurance Co. unit.
"We're in a completely exploratory stage and just trying to gather facts at this point," said a spokesman for Johnston, R.I.-based FM Global.
"We've had some indirect contact" with AIG about a potential deal for Hartford Steam Boiler, FM Global Chief Financial Officer Jeffrey Burchill said in an interview with Bloomberg News. "We would take a look based on price and market share."
Hartford, Conn.-based HSB has been on the market for several weeks, as AIG has started selling off assets to repay a government loan. AIG has already hired Keefe, Bruyette & Woods to sell HSB (BI, Oct. 20).