German American Bancorp sells insurance business to Hilb Group

Financial services company German American Bancorp has sold its wholly-owned subsidiary German American Insurance to insurance broker Hilb Group for $40 million.

As part of the transaction, German American Insurance will continue to operate throughout 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 insurance broker will retain all GAI team members and continue to provide coverage options to banking customers through a referral partnership with the bank.

“Our decision to partner with Hilb Group for this transaction ensures the continued access to the best insurance products and services for our customers and provides a great new home for GAI’s employees. This sale allows us to realize significant value at an opportune time. The GAI team has done a tremendous job building the agency in the last 25 years, and we are confident the expanded access to products, services and expertise through Hilb Group will support a strong future for all.” – D. Neil Dauby, Chairman and CEO of German American Bancorp, Inc.

“We are pleased to welcome the highly respected German American Insurance team and to expand upon our existing Midwest presence. This addition of GAI fits with our strategy of growing through leading insurance brokers in key markets, and building on the great reputation – and innovative resources we provide – among the clients and communities we are privileged to serve.” – Hilb Group CEO Ricky Spiro.