Protective Life, a subsidiary of Dai-ichi Life Holdings, has completed the acquisition of ShelterPoint Group, marking its 60th acquisition and the seventh since joining Dai-ichi in 2015.
In April this year, Protective Life Insurance Company, the main subsidiary of Protective Life, initially agreed to acquire ShelterPoint Group.
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ShelterPoint, a provider of statutory disability, paid family and medical leave, and medical gap insurance products, is now part of Protective’s portfolio.
The acquisition is expected to bolster Protective’s market presence and foster future growth for both entities.
It is also set to diversify Protective’s product offerings and expand its customer base.
Protective CEO and president Rich Bielen said: “As a leader in the employee benefits space with a strong commitment to customer service, ShelterPoint stood out as a great business for Protective to add to our already diversified product mix.
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By GlobalData“We welcome ShelterPoint’s teammates to the Protective family and look forward to continuing ShelterPoint’s great customer care to its more than two million customers.”
The transaction was facilitated by legal counsel from Kirkland & Ellis and Maynard Nexsen for Protective, while ShelterPoint was represented by Winston & Strawn and Katten Muchin Rosenman.
Financial advisory services were provided by Fenchurch Advisory Partners for Protective and Goldman Sachs for ShelterPoint.
Protective chief retail officer and executive vice-president Wade Harrison said: “ShelterPoint is a well-known leader in the employee benefits industry, 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.”
Protective Life offers life insurance, annuity, asset protection and employee benefit solutions. Currently, it serves more than 16.4 million individuals and has a workforce of more than 3,800 employees.
As of 31 December 2023, Protective has $118bn in assets and operates with a virtual presence and core sites in the greater Cincinnati area and St. Louis.
