Birmingham-based Protective Life Corp. has entered into an agreement to acquire a company based in Lake Forest, California, that also has offices in Dallas and Cleveland. The company has about 450 employees.
Portfolio Holding, owned by Abry Partners, provides reinsurance management services and finance and insurance products for dealers around the country.
“Portfolio is a natural fit for Protective — not only for its complementary offerings, but for its shared commitment to innovation and dealer success,” said Scott Karchunas, president of Protective’s Asset Protection Division. “Their approach aligns seamlessly with our mission to deliver smarter, more specialized solutions that help dealers grow and thrive. Together, we’re expanding what’s possible in F&I and reinforcing our commitment to long-term value for our partners and their customers.”
Protective’s Asset Protection Division has made several acquisitions over the past decade, including AUL, Revolos and U.S. Warranty.
“Protective’s Asset Protection Division has become an increasingly important part of our business, and this acquisition marks another milestone in its evolution,” said Rich Bielen, president and CEO of Protective. “Portfolio brings a strong track record in dealer wealth programs and a deep understanding of what it takes to help dealers succeed. While life insurance and annuities remain the foundation of our company, expanding our Asset Protection Division enhances our ability to protect more customers and deliver enduring value.”
