Birmingham-based Protective Life Corp., a subsidiary of Dai-ichi Life Holdings Inc., is acquiring ShelterPoint Group Inc., a New York-based holding company of ShelterPoint Life Insurance Co.
ShelterPoint is a provider of disability benefits and paid family leave insurance, which employers are required to provide under New York state law. ShelterPoint also has been actively expanding. Through its relationships with approximately 200,000 businesses, ShelterPoint currently provides insurance and income replacement products to nearly 2 million individuals across the United States.
“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 and CEO of Protective.
“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.
Once closed, pending regulatory approvals and customary closing conditions, it will be the seventh deal completed since Protective became a part of Tokyo-based Dai-ichi in 2015. Dai-ichi has more than $463 billion in total assets as of Dec. 31, 2023 and 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. 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.
