HSB’s Barats to Retire as CEO

Hartford Steam Boiler will soon see a leadership transition.

Munich Re Specialty, parent of the Hartford-based insurer, announced that CEO and president Greg Barats will retire in early 2026.

Jeffrey O’Shaughnessy, who currently serves as president of HSB Portfolio Risk Solutions, will succeed Barats effective March 2, 2026.

HSB said the two will work together over the coming months to ensure a smooth transition.

“My time at HSB has been the most rewarding of my professional career,” Barats said.

Barats, who joined HSB in 2008 and became CEO in 2011, serves on Munich Re’s Global Specialty Insurance executive board, leads its Global Internet of Things business, and oversees global AI and generative AI insurance initiatives.

‘Lasting Contributions’

“I am proud of the work our team of employees around the world has accomplished over the past 15 years, harnessing innovation, engineering, and technology to help transform the future of specialty insurance and risk management,” Barats said.

Barats joined CBIA’s BizCast in March to highlight the opening of The Foundry restaurant on the 20th floor of HSB’s One State Street headquarters in downtown Hartford.

“We want to give something back to the community and the capital that I think everybody can be proud of,” he said.

“Barats’ leadership has helped shape HSB into an organization known for expertise, stability, and partnership.”

Munich Re Group’s Mike Kerner

“I think the more you’re involved in the live, work, play in a city, the more vibrant it can be.”

Munich Re Group board of management member Mike Kerner praised Barats for his “lasting contributions” to the company’s success.

He added that Barats’ “leadership has helped shape HSB into an organization known for expertise, stability, and partnership.”

New Leadership

O’Shaughnessy joined HSB in 2002.

As president of HSB Portfolio Risk Solutions, he manages the company’s assumed reinsurance business.

He also oversees products, underwriting, and relationships with client insurers and strategic partners.

“I am humbled, thankful, and excited for the opportunity to lead such an incredible organization.”

HSB’s Jeffrey O’Shaughnessy

He previously served as global chief underwriting officer and led development of many of HSB’s strategic products over the years.

“I am humbled, thankful, and excited for the opportunity to lead such an incredible organization with extraordinary people,” he wrote on social media.

“HSB is well-positioned to continue to create new solutions for the exposures of tomorrow,” Barats added.