American International Group Inc – ‘SC 13D/A’ on 9/8/00 re: HSB Group Inc

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Amendment to General Statement of Beneficial Ownership   —   Schedule 13D
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D/A    Amendment No. 1 on Schedule 13D                        9     36K 
 2: EX-99.A     Term Loan Agreement                                   23     68K 

SC 13D/A   —   Amendment No. 1 on Schedule 13D
Document Table of Contents

SC 13D/A
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 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D
 Under the Securities Exchange Act of 1934
(Amendment No. 1) 

HSB GROUP, INC. 
(Name of Issuer)

Common Stock, no par value
(Title of Class of Securities)

40428N109 
(CUSIP Number)

 Kathleen E. Shannon
Vice President and Secretary
American International Group, Inc.
70 Pine Street
New York, NY 10270
(212) 770-5123
 (Name, Address and Telephone Number
 of Person Authorized to Receive
 Notices and Communications)

September 6, 2000 
 (Date of Event which Requires Filing of this Statement)

If a filing person has previously filed a statement on Schedule 13G to report   
the acquisition which is the subject of this Schedule 13D, and is filing this   
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].       

NOTE:  Six copies of this statement, including all exhibits, should be          
filed with the Commission.  See Rule 13d-1(a) for other parties to whom         
copies are to be sent.                                                          

SC 13D/A
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--------------------                                                            
CUSIP NO. 40428N109                                                             
--------------------                                                            

---------------------------------------------------------------                 
1.      NAME OF REPORTING PERSON                                              
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON             
American International Group, Inc.                            
I.R.S. Identification No. 13-2592361                          
---------------------------------------------------------------                 
2.      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                      
                              (a)  [ ]
                              (b)  [ ]
---------------------------------------------------------------                 
3.      SEC USE ONLY                                                          

---------------------------------------------------------------                 
4.      SOURCE OF FUNDS                                                       
OO                                                            
---------------------------------------------------------------                 
5.      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS                       
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e)          [ ]           
---------------------------------------------------------------                 
6.      CITIZENSHIP OR PLACE OF ORGANIZATION                                  
Organized under the laws of the State of Delaware             

---------------------------------------------------------------                 
7.     SOLE VOTING POWER                
NUMBER OF                5,777,272                                          
SHARES          -------------------------------------------             
BENEFICIALLY        8.     SHARED VOTING POWER                                  
OWNED BY                 359,950                                            
EACH            -------------------------------------------             
REPORTING          9.     SOLE DISPOSITIVE POWER                              
PERSON                  5,777,272                                         
WITH            -------------------------------------------             
10.    SHARED DISPOSITIVE POWER         
359,950                   
---------------------------------------------------------------                 
11.      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING                  
PERSON                                                        
6,137,222                                                     
---------------------------------------------------------------                 
12.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES                 
CERTAIN SHARES                                                
                                   [ ]
---------------------------------------------------------------                 
13.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                     
21.1%                                                         

---------------------------------------------------------------                 
14.      TYPE OF REPORTING PERSON                                               
CO, HC                                                        

---------------------------------------------------------------                 

2                   

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CUSIP NO. 40428N109                                                             
--------------------                                                            

---------------------------------------------------------------                 
1.      NAME OF REPORTING PERSON                                              
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON             
American Home Assurance Company                               
I.R.S. Identification No. 13-5124990                          
---------------------------------------------------------------                 
2.      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                      
                              (a)  [ ]
                              (b)  [ ]
---------------------------------------------------------------                 
3.      SEC USE ONLY                                                          

---------------------------------------------------------------                 
4.      SOURCE OF FUNDS                                                       
WC                                                            
---------------------------------------------------------------                 
5.      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS                       
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e)          [ ]           
---------------------------------------------------------------                 
6.      CITIZENSHIP OR PLACE OF ORGANIZATION                                  
Organized under the laws of the State of New York             

---------------------------------------------------------------                 
7.     SOLE VOTING POWER                
NUMBER OF                0                                                  
SHARES          -------------------------------------------             
BENEFICIALLY        8.     SHARED VOTING POWER                                  
OWNED BY                 358,700                                            
EACH            -------------------------------------------             
REPORTING          9.     SOLE DISPOSITIVE POWER                              
PERSON                  0                                                 
WITH            -------------------------------------------             
10.    SHARED DISPOSITIVE POWER         
358,700                   
---------------------------------------------------------------                 
11.      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING                  
PERSON                                                        
358,700                                                       
---------------------------------------------------------------                 
12.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES                 
CERTAIN SHARES                                                
                                   [ ]
---------------------------------------------------------------                 
13.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                     
1.2%                                                          

---------------------------------------------------------------                 
14.      TYPE OF REPORTING PERSON                                               
IC, CO                                                        

---------------------------------------------------------------                 

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CUSIP NO. 40428N109                                                             
--------------------                                                            

---------------------------------------------------------------                 
1.      NAME OF REPORTING PERSON                                              
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON             
The Insurance Company of the State of Pennsylvania            
I.R.S. Identification No. 13-5540698                          
---------------------------------------------------------------                 
2.      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                      
                              (a)  [ ]
                              (b)  [ ]
---------------------------------------------------------------                 
3.      SEC USE ONLY                                                          

---------------------------------------------------------------                 
4.      SOURCE OF FUNDS                                                       
WC                                                            
---------------------------------------------------------------                 
5.      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS                       
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e)          [ ]           
---------------------------------------------------------------                 
6.      CITIZENSHIP OR PLACE OF ORGANIZATION                                  
Organized under the laws of the State of Pennsylvania         

---------------------------------------------------------------                 
7.     SOLE VOTING POWER                
NUMBER OF                0                                                  
SHARES          -------------------------------------------             
BENEFICIALLY        8.     SHARED VOTING POWER                                  
OWNED BY                 650                                                
EACH            -------------------------------------------             
REPORTING          9.     SOLE DISPOSITIVE POWER                              
PERSON                  0                                                 
WITH            -------------------------------------------             
10.    SHARED DISPOSITIVE POWER         
650                       
---------------------------------------------------------------                 
11.      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING                  
PERSON                                                        
650                                                           
---------------------------------------------------------------                 
12.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES                 
CERTAIN SHARES                                                
                                   [ ]
---------------------------------------------------------------                 
13.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                     
.002%                                                         

---------------------------------------------------------------                 
14.      TYPE OF REPORTING PERSON                                               
IC, CO                                                        
---------------------------------------------------------------                 

4             

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--------------------                                                            
CUSIP NO. 40428N109                                                             
--------------------                                                            

---------------------------------------------------------------                 
1.      NAME OF REPORTING PERSON                                              
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON             
Commerce and Industry Insurance Company                       
I.R.S. Identification No. 13-1938623                          
---------------------------------------------------------------                 
2.      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                      
                              (a)  [ ]
                              (b)  [ ]
---------------------------------------------------------------                 
3.      SEC USE ONLY                                                          

---------------------------------------------------------------                 
4.      SOURCE OF FUNDS                                                       
WC                                                            
---------------------------------------------------------------                 
5.      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS                       
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e)          [ ]           
---------------------------------------------------------------                 
6.      CITIZENSHIP OR PLACE OF ORGANIZATION                                  
Organized under the laws of the State of New York             

---------------------------------------------------------------                 
7.     SOLE VOTING POWER                
NUMBER OF                0                                                  
SHARES          -------------------------------------------             
BENEFICIALLY        8.     SHARED VOTING POWER                                  
OWNED BY                 600                                                
EACH            -------------------------------------------             
REPORTING          9.     SOLE DISPOSITIVE POWER                              
PERSON                  0                                                 
WITH            -------------------------------------------             
10.    SHARED DISPOSITIVE POWER         
600                       
---------------------------------------------------------------                 
11.      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING                  
PERSON                                                        
600                                                           
---------------------------------------------------------------                 
12.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES                 
CERTAIN SHARES                                                
                                   [ ]
---------------------------------------------------------------                 
13.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                     
.002%                                                         

---------------------------------------------------------------                 
14.      TYPE OF REPORTING PERSON                                               
IC, CO                                                        
---------------------------------------------------------------                 

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--------------------                                                            
CUSIP NO. 40428N109                                                             
--------------------                                                            

---------------------------------------------------------------                 
1.      NAME OF REPORTING PERSON                                              
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON             
AIG Global Investment Corp.                                   
I.R.S. Identification No. 06-0178320                          
---------------------------------------------------------------                 
2.      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                      
                              (a)  [ ]
                              (b)  [ ]
---------------------------------------------------------------                 
3.      SEC USE ONLY                                                          

---------------------------------------------------------------                 
4.      SOURCE OF FUNDS                                                       
00                                                            
---------------------------------------------------------------                 
5.      CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS                       
REQUIRED PURSUANT TO ITEMS 2(d)OR 2(e)          [ ]           
---------------------------------------------------------------                 
6.      CITIZENSHIP OR PLACE OF ORGANIZATION                                  
Organized under the laws of the State of New Jersey           

---------------------------------------------------------------                 
7.     SOLE VOTING POWER                
NUMBER OF                0                                                  
SHARES          -------------------------------------------             
BENEFICIALLY        8.     SHARED VOTING POWER                                  
OWNED BY                 359,950                                            
EACH            -------------------------------------------             
REPORTING          9.     SOLE DISPOSITIVE POWER                              
PERSON                  0                                                 
WITH            -------------------------------------------             
10.    SHARED DISPOSITIVE POWER         
359,950                   
---------------------------------------------------------------                 
11.      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING                  
PERSON                                                        
359,950                                                       
---------------------------------------------------------------                 
12.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES                 
CERTAIN SHARES                                                
                                   [ ]
---------------------------------------------------------------                 
13.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                     
1.24%                                                         

---------------------------------------------------------------                 
14.      TYPE OF REPORTING PERSON                                               
IA, CO                                                        

---------------------------------------------------------------                 

6                   

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--------------------                                                            
CUSIP NO. 40428N109                                                             
--------------------                                                            

ITEM 1.  SECURITY AND ISSUER                                                    

                This Amendment No. 1 amends and supplements Items 6 and 7 of
the Statement on Schedule 13D dated August 25, 2000 (the "Schedule 13D")        
previously filed by American International Group, Inc., a Delaware corporation  
("AIG"), on behalf of itself and its wholly-owned subsidiaries, American Home   
Assurance Company, a New York corporation, The Insurance Company of the State of
Pennsylvania, a Pennsylvania corporation, Commerce and Industry Insurance       
Company, a New York corporation, and AIG Global Investment Corp., a New Jersey  
corporation, relating to shares of Common Stock, no par value per share (the    
"Shares"), of HSB Group, Inc. (the "Issuer"). The address of the principal      
executive offices of the Issuer is P.O. Box 5024, One State Street, Hartford,   
Connecticut 06102-5024.                                                         

                 Each capitalized term used in this Statement which is defined
in the Schedule 13D shall have the meaning ascribed thereto in the Schedule 13D.

7 

SC 13D/A
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----------------------------                                                    
CUSIP NO. 40428N109                                                             
----------------------------                                                    

ITEM 6.  CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR                             
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE               
ISSUER                                                        

                On September 6, 2000, AIG and the Issuer entered into a Term
Loan Agreement (the "Term Loan Agreement"), pursuant to which AIG has agreed to 
make a 5-year term loan to the Issuer, on or prior to September 14, 2000, in    
the principal amount of $315 million. The proceeds of such loan will be used to 
redeem the 7.0% convertible subordinated deferrable interest debentures due     
December 31, 2017, issued by the Issuer to HSB Capital II, a statutory business 
trust created and wholly-owned by the Issuer (the "Trust"). The Trust will use  
the proceeds from such redemption to redeem its convertible capital securities, 
with an aggregate liquidation preference of $300 million.                       

                The Term Loan Agreement is attached here to as Exhibit A and
is incorporated herein by reference in its entirety. The foregoing summary of   
the Term Loan Agreement does not purport to be complete and is qualified in     
its entirety by reference to such exhibit.                                      

               Other than the Term Loan Agreement and the Merger Agreement
and the Stock Option Agreement described in the response to Item 4 of the       
Schedule 13D and the transactions contemplated thereby, there are no contracts, 
arrangements, understandings or relationships between AIG and any other person, 
or, to the best knowledge of AIG, among any of American Home, ISOP, Commerce    
and Industry, Global Investment, SICO, The Starr Foundation, Starr or any of    
the Covered Persons and any other person, with respect to the Shares or any     
other securities of the Issuer.                                                 

ITEM 7.  MATERIAL TO BE FILED AS EXHIBITS                                       

   Exhibit A         Agreement of Joint Filing by and among American
                       International Group Inc., American Home Assurance
                    Company, The Insurance Company of The State of
                           Pennsylvania, Commerce and Industry Insurance Company
                  and AIG Global Investment Corp., dated as of
          August 21, 2000. (Previously filed.)

        Exhibit B         Agreement and Plan of Merger, dated as of August 17,
                      2000, among the Issuer, AIG and EAC. (Previously
filed.)                   

        Exhibit C         Stock Option Agreement, dated as of August 17, 2000,
                     between the Issuer and AIG. (Previously filed.)

       Exhibit D         Term Loan Agreement, dated as of September 6, 2000,
                   between AIG and the Issuer. (Filed herewith.)

        Annex A           List of Directors and Executive Officers of American
                        International Group, Inc., American Home Assurance
                    Company, The Insurance Company of The State of
                   Pennsylvania, Commerce and Industry Insurance
                 Company, AIG Global Investment Corp., Starr
                       International Company, Inc., The Starr Foundation
                    and C.V. Starr & Co., Inc. (Previously filed.)

8   

SC 13D/A
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----------------------                                                          
CUSIP NO. 40428N109                                                             
----------------------                                                          

SIGNATURE                 

                After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,     
complete and correct.                                                           

Dated:  September 8, 2000                                                       

                                          AMERICAN INTERNATIONAL GROUP, INC.

                                   By: /s/ Kathleen E. Shannon
                                           -----------------------------
                                        Name:  Kathleen E. Shannon
                                       Title: Vice President and
                                     Secretary

                                       AMERICAN HOME ASSURANCE COMPANY

                                  By: /s/ Edward E. Matthews
                                           -----------------------------
                                       Name:  Edward E. Matthews
                                          Title: Senior Vice President

                                          THE INSURANCE COMPANY OF THE STATE
                       OF PENNSYLVANIA

                                  By: /s/ Edward E. Matthews
                                           -----------------------------
                                       Name:  Edward E. Matthews
                                          Title: Senior Vice President

                                       COMMERCE AND INDUSTRY INSURANCE
               COMPANY

                                  By: /s/ Edward E. Matthews
                                           -----------------------------
                                       Name:  Edward E. Matthews
                                          Title: Senior Vice President

                                   AIG GLOBAL INVESTMENT CORP.

                             By: /s/ Win J. Neuger
                                           -----------------------------
                                  Name:  Win J. Neuger
                                       Title: Chairman and Chief
                                             Executive Officer

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Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘SC 13D/A’ Filing		Date		First		Last			Other Filings
		12/31/17		8
		9/14/00		8
Filed on:		9/8/00		9
		9/6/00		1		8			8-K
		8/25/00		7					SC 13D
		8/21/00		8
		8/17/00		8
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