German American Bancorp Sells Insurance Assets to Hilb Group

German American Bancorp (GABC) just unveiled an update.

German American Bancorp has divested the majority of its insurance subsidiary’s assets to The Hilb Group for $40 million in cash, marking a strategic shift for the company. The agreement includes a nine-month transition service period and a five-year non-compete clause for the company in the insurance sector. The insurance arm had previously reported $9.6 million in revenue and $1.7 million in net income for 2023. This move is expected to refocus German American Bancorp’s efforts and could potentially reshape its financial landscape.

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