German American Bancorp Inc., a financial holding company based in Jasper, Indiana, Tuesday said it has completed the sale of the assets of its wholly owned subsidiary German American Insurance to Hilb Group LLC in an all-cash $40 million deal.
The purchase price represents approximately four times 2023 GAI revenues and approximately 24 times 2023 GAI after-tax earnings, German American Bancorp said in a statement.
German American Insurance will continue to operate in southern Indiana and Kentucky under the name German American Insurance – A Hilb Group Company, and will remain under the leadership of Diana Wilderman, president of German American Insurance, the statement said.
German American Insurance offers commercial coverages for sectors including agriculture, transportation, municipalities, contractors and technology, according to its website.
All German American Insurance employees will join Hub in the deal, Ms. Wilderman said in the statement.
Hilb Group and German American Bank will also maintain an ongoing referral relationship.
Ricky Spiro, Hilb Group CEO, said in the statement the deal expands Hilb’s Midwest presence.
Headquartered in Richmond, Virginia, and backed by The Carlyle Group, Hilb Group is the 23rd-largest broker of U.S. business, according to the most recent Business Insurance rankings.Â
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