November 1, 2024 Newswires

ShelterPoint is Now Part of Protective: Acquisition will position leading carrier in the Paid Family & Medical Leave space for long-term growth

PR Web

ShelterPoint Group, Inc., the holding company of ShelterPoint Life Insurance Company and its wholly-owned subsidiary, ShelterPoint Insurance Company (together "ShelterPoint"), has been acquired by Protective Life Insurance Company...

BIRMINGHAM, Ala., Nov. 1, 2024 /PRNewswire-PRWeb/ -- ShelterPoint Group, Inc., the holding company of ShelterPoint Life Insurance Company and its wholly-owned subsidiary, ShelterPoint Insurance Company (together "ShelterPoint"), has been acquired by Protective Life Insurance Company ,the primary operating subsidiary of Protective Life Corporation (together "Protective"). Protective, the U.S. platform of Dai-ichi Life Holdings, Inc. ("Dai-ichi"; TSE:8750), provides life insurance, annuity and asset protection solutions to more than 14.4 million people.

"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.

The merger better positions both ShelterPoint and Protective 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 & CEO of Protective.

"Today marks a special milestone in Protective's story as we add a new business line to our portfolio," added 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."

This transaction represents Protective's 60th 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.