German American sells insurance unit to Hilb Group for $40M cash; after-tax gain ~$27M

GERMAN AMERICAN BANCORP, INC.

All-cash purchase price $40M; after-tax gain approx $27M; effective June 1, 2024.
Price equals ~4x 2023 revenue ($9.6M) and ~24x 2023 after-tax earnings ($1.7M).
All employees retained; GAI brand continues as 'German American Insurance – A Hilb Group Company' under same president.
Non-compete for 5 years; referral relationship provides ongoing customer referral revenue to German American Bank.
Hilb Group is backed by The Carlyle Group; Piper Sandler & Co. and Dentons Bingham Greenebaum advised German American.

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