Protective Closes ShelterPoint Acquisition

Business Wire

Protective’s 60^th acquisition adds employee benefits business line to portfolio

BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Protective Life Corporation, a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), is proud to announce that its principal subsidiary, Protective Life Insurance Company (together “Protective”), completed the acquisition of ShelterPoint Group, Inc., the holding company of ShelterPoint Life Insurance Company and its wholly owned subsidiary ShelterPoint Insurance Company (together “ShelterPoint”). ShelterPoint is a leading provider of statutory disability, paid family and medical leave, and medical gap insurance products, among others.

The addition of ShelterPoint and its business diversifies Protective’s product mix and further strengthens Protective through new products, new talent and new customers. The acquisition better positions both Protective and ShelterPoint for future growth.

“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. 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,” said Rich Bielen, President and CEO of Protective.

“Today marks a special milestone in Protective’s story as we add a new business line to our portfolio,” said Wade Harrison, EVP, Chief Retail Officer for Protective. “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.”

“ShelterPoint and Protective share a common vision to grow and protect more people during life’s most critical moments. We are excited to become part of this great company and look forward to leveraging each other’s strengths as we work toward our goals and continue delivering an exceptional customer experience to those who have trusted us with their care,” added ShelterPoint’s CEO Leston Welsh, who joins Protective as SVP, President, Employee Benefits.

This transaction represents Protective’s 60^th acquisition and its seventh acquisition completed since Protective became part of Dai-ichi in 2015.

Serving as external legal counsel for Protective were Kirkland & Ellis LLP and Maynard Nexsen PC. ShelterPoint is a portfolio company of Eos Partners and its affiliates, a New York based private investment firm. ShelterPoint was represented by Winston & Strawn LLP and Katten Muchin Rosenman LLP. Financial advisors for this deal included Fenchurch Advisory Partners US LP for Protective and Goldman Sachs & Co. LLC for ShelterPoint.

About Protective

Protective has helped people achieve protection and security in their lives for 117 years. Through its subsidiaries, Protective offers life insurance, annuity, asset protection and employee benefit solutions and is helping more than 16.4 million people protect what matters most. Protective’s more than 3,800 employees put people first and deliver on the company’s promises to customers, partners, colleagues and communities - because we’re all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, Inc., has $118 billion in assets, as of Dec. 31, 2023. Protective is headquartered in Birmingham, Alabama, and supported by a robust virtual workforce and core sites in the greater Cincinnati area and St. Louis. For more information about Protective, visit www.protective.com.