US-based Protective Life Insurance Company, the principal subsidiary of Protective Life Corporation (Protective), has agreed to acquire ShelterPoint Group.
Protective is the US unit of Dai-ichi Life Holdings.
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ShelterPoint Group is engaged in offering statutory disability, paid family leave and medical gap insurance solutions, among others.
It is a holding entity that comprises ShelterPoint Life Insurance Company and ShelterPoint Insurance Company (together ShelterPoint).
In New York, ShelterPoint’s founding company offers paid family leave insurance and disability benefits as required by statute.
As part of its plan for geographical and product expansion in the paid family and medical leave market, ShelterPoint is actively entering new states.
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By GlobalDataShelterPoint’s products are sold through partnerships with brokers and agents.
Currently, ShelterPoint is said to offer insurance and income replacement products to around two million people nationwide through partnerships with approximately 200,000 businesses.
Protective president and CEO Rich Bielen said: “On our continued journey to grow our business and serve more people, we are thrilled to add new services to our portfolio through the acquisition of ShelterPoint.
“We look forward to welcoming ShelterPoint’s customers and the company’s talented teammates to Protective upon closing.”
ShelterPoint executive chairman of the board Rich White said: “As more states are requiring paid family and medical leave insurance, we are excited to receive the strong support of Protective on our path to making this essential benefit available in a growing number of states.”
The transaction awaits regulatory approvals and is due to complete by the end of the year.
It will be the seventh deal since Protective became part of Dai-ichi Life, a global insurer with over $463bn in assets, in 2015.
Earlier this year, Dai-ichi Life expanded its non-insurance portfolio by agreeing to acquire the healthcare platform Benefit One through Pasona Group.
