Acquisition of leading employee benefits provider will add a new business line for Protective, further diversifying its product mix
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (“Protective”), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (“Dai-ichi”; TSE:8750), announced today that its principal subsidiary, Protective Life Insurance Company, entered into an agreement to acquire ShelterPoint Group, Inc., a leading provider of statutory disability, paid family and medical leave, as well as medical gap insurance products, among others. ShelterPoint Group, Inc. is the holding company of ShelterPoint Life Insurance Company and its wholly owned subsidiary ShelterPoint Insurance Company (together “ShelterPoint”).
“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,” said Rich Bielen, President & CEO of Protective. “We look forward to welcoming ShelterPoint’s customers and the company’s talented teammates to Protective upon closing.”
In the State of New York, ShelterPoint’s founding entity is a leading provider of statutorily required disability benefits law and paid family leave insurance, which employers are required to provide under New York state law. ShelterPoint is actively expanding into other states as part of its geographic and product expansion strategy in the paid family and medical leave space. ShelterPoint sells products through brokers and agents and is recognized for its high-performing customer service experience and a high level of expertise related to its products. Through relationships with approximately 200,000 businesses, ShelterPoint currently provides insurance and income replacement products to nearly two million individuals across the country.
“As more states are requiring Paid Family and Medical Leave insurance, we’re excited to receive the strong support of Protective on our path to making this essential benefit available in a growing number of states,” said Rich White, Executive Chairman of the Board of ShelterPoint.
“This transaction will ring in and accelerate an inspiring new chapter for our company,” adds Leston Welsh, CEO of ShelterPoint. “At the same time, this transaction is expected to empower ShelterPoint to even further enhance its longstanding DBL/PFL capabilities that customers have come to trust and rely on when needing to take leave.”
Once closed, the transaction will mark Protective’s 60th acquisition. It will be the seventh deal completed since Protective became a part of Tokyo-based Dai‑ichi in 2015. Dai-ichi, a global leader with over $463 billion in total assets, as of Dec. 31, 2023, serves customers in 10 countries, with Protective as its U.S.-based subsidiary.
The transaction is expected to close before the end of the year, pending regulatory approvals and other customary closing conditions. Until the closing, both businesses will maintain separate operations.
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.
