Protective Life acquires AUL Corp.

The agreement marks Protective’s 59th acquisition and builds on the company’s automotive finance and insurance area

Protective Life’s Birmingham headquarters.

Protective Life Corp., a subsidiary of Dai-ichi Life Holdings Inc., has agreed to acquire AUL Corp., a leading automotive finance and insurance provider.

“With a national footprint of agents and dealers, an experienced team in the vehicle service contract business in addition to distribution channel growth opportunities in the higher-mileage and the financial institutions space, AUL’s product portfolio is a strong complement to Protective’s Asset Protection Division,” said Rich Bielen, president and CEO of Protective.

Protective’s Asset Protection Division offerings include extended service contracts, guaranteed asset protection and ancillary products to protect customers’ investments in automobiles, recreational vehicles, watercraft and powersports vehicles. In addition, the portfolio provides dealer participation programs, training and technology solutions.

Founded in 1990, AUL is a pioneer in the used car service contract industry, offering a variety of finance and insurance products including warranties, vehicle service contracts, guaranteed asset protection insurance and a suite of ancillary products.

“Combining Protective’s resources and reach with our rapidly growing platform will enable us to provide more robust solutions for our agents and dealers,” said Jimmy Atkinson, president and CEO of AUL.

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The acquisition is subject to regulatory approvals and customary closing conditions, but is expected to occur in the second quarter of 2022.

When closed, the transaction represents Protective’s 59th acquisition and its sixth transaction since it became part of Dai-ichi Life in 2015. Dai-ichi, with more than $588 billion in total assets, considers Protective its North American platform and continues to aim for further expansion in the region. As of Dec. 31, 2021, Birmingham-headquartered Protective had grown to approximately $132 billion in assets with more than 3,600 employees.

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