Hilb Group completed the acquisition of German American Insurance from German American Bancorp for $40m.

Hilb Group, an insurance broker, completed the acquisition of German American Insurance, a provider of personal and commercial insurance policies and a variety of employee benefit programs, from German American Bancorp, a financial holding company for $40m. “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,” Neil Dauby, German American Bancorp Chairman and CEO.