German American Bancorp in Jasper, Ind., has sold its insurance business.
The $6.1 billion-asset company said in a press release that it sold the assets of German American Insurance to Hilb Group for $40 million in cash. The after-tax gain was $27 million.
The sale “ensures the continued access to the best insurance products and services for our customers and provides a great new home for GAI’s employees,” D. Neil Dauby, German American’s chairman and CEO, said in the release. “This sale allows us to realize significant value at an opportune time.”
German American Insurance will continue to operate throughout southern Indiana and Kentucky as German American Insurance – A Hilb Group Company and will still be led by Diana Wilderman.
Hilb Group and German American agreed to a referral relationship.
Piper Sandler and Dentons Bingham Greenebaum advised German American.