Dai-ichi Life's Protective to Purchase Portfolio Holding, Financial Details Undisclosed
Protective Life Corporation entered into an agreement to acquire Portfolio Holding and its subsidiaries from Abry Partners. Portfolio is a provider of reinsurance management services and finance and insurance products for dealers nationwide. By integrating Portfolio's dealer wealth programs and technology platform, Protective expands its ability to deliver leading solutions that drive dealer success and customer satisfaction. Founded in 1990 and headquartered in Lake Forest, California, with offices in Dallas and Cleveland, Portfolio offers dealer participation programs that help dealers build long-term wealth through reinsurance structures, enabling them to retain underwriting profits and investment income. With approximately 450 employees and a national, multi-channel distribution network, Portfolio serves millions of in-force customers through vehicle service contracts, GAP coverage and a broad range of ancillary products. The transaction is expected to close by the end of the year, subject to regulatory approvals and customary closing conditions. Until then, both companies will continue to operate independently.
