Protective Life Corp., a U.S. subsidiary of Dai-ichi Life Holdings Inc., said it completed the acquisition of Portfolio Holding Inc. and its subsidiaries from Abry Partners. The transaction unites two providers of finance-and-insurance solutions and dealer wealth programs, expanding Protective's reach across automotive, RV, power sports and marine sectors.
The addition of Portfolio grows Protective’s Asset Protection Division by the number of customers served while bringing an established distribution network, award-winning service reputation and a suite of reinsurance and dealer wealth-building programs that enhance Protective’s existing offerings.
“Over the past decade, Protective Asset Protection has grown organically and through strategic acquisitions that have strengthened our position and expanded our reach. Each acquisition has contributed to the division’s evolution as an increasingly important part of Protective’s overall business mix,” said Protective CEO Rich Bielen. “Portfolio’s values and commitment to service excellence align closely with Protective’s. We are excited to welcome their team to Protective and look forward to driving our next chapter of growth together.”
“By integrating Portfolio's specialized expertise with Protective's scale and capabilities, we are positioned to set the standard in our industry,” said Scott Karchunas, president of Protective's Asset Protection Division. “Our dealer partners and their customers will benefit from enhanced technology, innovative products and best-in-class administration. This combination reinforces our market leadership and our ability to deliver experiences that drive dealer success and customer satisfaction.”
Founded in 1990 and headquartered in Lake Forest, Calif., with offices in Dallas and Cleveland, Portfolio employs approximately 450 people and is an 18-time recipient of Bobit Business Media's Dealers’ Choice Awards. Portfolio’s dealer participation programs are designed to enable dealers to build long-term wealth through reinsurance structures, retaining underwriting profits and investment income. The company’s national, multichannel distribution network serves millions of customers through vehicle service contracts, Guaranteed Asset Protection coverage and a broad range of ancillary products.
The transaction marks Protective’s 61st acquisition and its eighth acquisition completed since Protective became part of Dai-ichi in 2015.
