German American Bancorp, Inc. announces the sale of the assets of German American Insurance, Inc. to Hilb Group
2024年6月3日 - 9:31PM
German American Bancorp, Inc. (Nasdaq: GABC) today announced and
closed the sale of the assets of its wholly-owned subsidiary German
American Insurance (GAI) to Hilb Group, an industry-leading
insurance broker. The all-cash transaction is for $40 million, and
creates a significant after-tax gain, net of transaction costs, of
approximately $27 million. The purchase price represents
approximately four times 2023 GAI revenues and approximately 24
times 2023 GAI after-tax earnings.
“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,” said D. Neil Dauby, Chairman and CEO of German American
Bancorp, Inc. “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.”
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. Wilderman said, “We are very excited
that our entire insurance team will join Hilb Group. Hilb’s
dedication to the communities they serve and their culture of
providing the very best service to their customers is exactly what
built the success of German American Insurance.”
“We are pleased to welcome the highly respected German American
Insurance team and to expand upon our existing Midwest presence,”
Hilb Group CEO Ricky Spiro said. “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.”
In addition to retaining all GAI team members, an ongoing
referral relationship to Hilb Group will provide German American
Bank customers access to market-leading insurance brokerage
services.
Hilb Group is a Top 25 US Insurance Agency and has been an Inc.
5000 fastest-growing private company for nine years. Founded in
2009, the company is a leading property and casualty and employee
benefits insurance brokerage and advisory firm. Headquartered in
Richmond, Virginia, Hilb Group is backed by The Carlyle Group, one
of the world’s leading investment firms, and has more than 2,200
employees with 125+ locations in 29 states – and service to all 50
states.
Piper Sandler & Co. served as financial advisor to German
American and Dentons Bingham Greenebaum LLP served as legal
counsel.
About German American Bank
German American Bancorp, Inc. is a Nasdaq-traded
(symbol: GABC) financial holding company based in Jasper, Indiana.
German American, through its banking subsidiary German American
Bank, operates 74 banking offices in 20 contiguous southern Indiana
counties and 14 counties in Kentucky.
Media Contact: D. Neil
DaubyChairman & Chief Executive Officer Bradley M RustPresident
& Chief Financial Officer 812-482-1314
German American Bancorp (NASDAQ:GABC)
過去 株価チャート
から 5 2024 まで 6 2024
German American Bancorp (NASDAQ:GABC)
過去 株価チャート
から 6 2023 まで 6 2024