Protective Life Corporation Strengthens Its Portfolio
In a significant development for Protective Life Corporation, the company has successfully completed the acquisition of ShelterPoint Group, Inc. Shielded under the corporate umbrella of Dai-ichi Life Holdings, Inc., Protective Life Corporation continues to solidify its position in the employee benefits industry. This strategic move not only broadens Protective's product offerings but also empowers the company to cater to a wider customer base.
Expansion into Employee Benefits
ShelterPoint, which consists of ShelterPoint Life Insurance Company and its subsidiary, ShelterPoint Insurance Company, stands as a prominent figure in providing statutory disability, paid family and medical leave, and various medical gap insurance products. The inclusion of ShelterPoint intends to diversify Protective's portfolio and strengthen its capabilities by integrating new products and talent.
Welcoming New Team Members
Rich Bielen, the President and CEO of Protective Life Corporation, expressed his enthusiasm about this acquisition: "As a leader in the employee benefits space with a strong commitment to customer service, ShelterPoint naturally aligns with our mission. We are excited to welcome their team into the Protective family and continue the exemplary service that more than two million of their clients have come to expect." This underscores how Protective is keen to maintain the trust and satisfaction of existing ShelterPoint clients.
Future Growth Potential
This acquisition marks a defining moment in Protective’s journey, adding a new dimension to its business. Wade Harrison, the EVP and Chief Retail Officer for Protective, highlighted, "Today marks a special milestone in Protective’s story as we add a new business line to our portfolio. ShelterPoint is a recognized leader in the employee benefits field, and we are thrilled about the opportunities it brings. Most importantly, we remain committed to maintaining the exceptional service and quality this team has established during its more than 50 years of service.”
Shared Vision and Goals
Aligning with ShelterPoint resonates with Protective's long-term strategy to grow and protect more individuals during their most critical moments. ShelterPoint's CEO, Leston Welsh, who will step into the role of SVP and President of Employee Benefits at Protective, shared his enthusiasm: "We are excited to become part of this great company and look forward to leveraging each other’s strengths as we work toward our mutual goals and continue delivering an exceptional customer experience.”
Acquisition Milestone
This transaction marks Protective’s 60th acquisition, demonstrating their aggressive growth strategy since joining forces with Dai-ichi Life in 2015. The acquisition reflects Protective’s commitment to expanding its footprint in the employee benefits sector and enhancing its service offerings through collaboration and innovation.
To ensure the transaction proceeded smoothly, Protective engaged legal support from Kirkland & Ellis LLP and Maynard Nexsen PC. Meanwhile, ShelterPoint received representation from Winston & Strawn LLP and Katten Muchin Rosenman LLP. Financial advisory services for the deal included contributions from Fenchurch Advisory Partners US LP for Protective and Goldman Sachs & Co. LLC for ShelterPoint.
About Protective Life Corporation
With a legacy spanning over 117 years, Protective has been a steadfast ally in helping individuals achieve protection and security. Its rich portfolio includes life insurance, annuities, asset protection, and employee benefit solutions, currently benefiting more than 16.4 million individuals. The company, featuring a dedicated workforce of over 3,800 employees, places a strong emphasis on customer service. As a subsidiary of Dai-ichi Life Holdings, Inc., Protective boasts impressive financial stability and has upheld a commitment to ethical practices, with $118 billion in assets as of recent assessments.
Headquartered in Birmingham, Alabama, Protective is supported by a robust virtual workforce with key locations in the greater Cincinnati area and St. Louis. Those interested in knowing more can explore further details on their official website.
Frequently Asked Questions
What is the significance of Protective's acquisition of ShelterPoint?
This acquisition allows Protective Life Corporation to enhance its employee benefits portfolio and reach a larger customer base.
How does the acquisition affect ShelterPoint's current customers?
The acquisition aims to maintain and improve the exceptional service that ShelterPoint's customers have received, ensuring a smooth transition.
What are the primary products offered by ShelterPoint?
ShelterPoint specializes in statutory disability, medical gap insurance, and paid family leave products, expanding Protective's offerings in these areas.
Who are the key figures involved in the acquisition?
Rich Bielen, President and CEO of Protective, and Leston Welsh, the CEO of ShelterPoint, are pivotal figures representing their respective companies during this transition.
What is Protective's approach to customer service after the acquisition?
Protective is dedicated to upholding high standards of customer service, prioritizing the needs and trust of existing ShelterPoint clients in the new merged entity.
