Hilb Group announced and closed the sale of the assets of the wholly-owned subsidiary German American Insurance (GAI) to Hilb Group in an all-cash transaction of $40 million.
The sale creates a significant after-tax gain, net of transaction costs, of approximately $27 million, Hilb Group said. The purchase price represents approximately four times 2023 GAI revenues and approximately 24 times 2023 GAI after-tax earnings.
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.
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.
Topics Mergers & Acquisitions
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