BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation, a wholly owned U.S. subsidiary of Dai‑ichi Life Holdings, Inc. (TSE:8750), announced today that its principal subsidiary, Protective Life Insurance Company (“Protective Life”), has entered into an agreement to acquire leading automotive finance and insurance provider AUL Corp.
“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. “Our Asset Protection Division has grown steadily over recent years through both acquisitions and organic growth. It continues to be a very important part of our business, and we look forward to continuing the momentum with the acquisition of AUL.”
“AUL is excited about the opportunity to join the Protective family. 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. “Protective and AUL also align in our focus on culture and opportunities for our employees, contributions to our communities and award‑winning customer service. We’re excited to move forward together.”
Protective Asset Protection’s offerings include, among others, extended service contracts, guaranteed asset protection and ancillary products to protect consumers’ investments in automobiles, recreational vehicles, watercraft and powersports vehicles. In addition, Protective Asset Protection, which has served customers for 60 years, offers a robust portfolio of dealer participation programs, training and technology solutions through a network of general agents as well as a direct sales force. Founded in 1990, AUL, a pioneer in the used car service contract industry, offers a variety of finance and insurance products including warranties, vehicle service contracts, guaranteed asset protection insurance and a suite of ancillary products.
“AUL is an established industry leader in the automotive finance and insurance space, offering a full suite of products and services for agents and their dealers,” said Scott Karchunas, president of Protective Asset Protection. “Through this acquisition, we are excited to continue growing Protective Asset Protection by serving the needs of more agents, dealers and consumers across the country.”
When closed, this transaction will represent Protective’s 59th acquisition. It will be the sixth transaction completed since Protective became part of Dai‑ichi in 2015. Dai‑ichi, a global leader with over $588 billion in total assets, considers Protective to be its North American platform and continues to aim for further expansion in the region, through both acquisitions and organic growth.
Subject to the receipt of regulatory approvals and satisfaction of customary closing conditions, the closing of the acquisition is expected to occur in the second quarter of 2022.
Maynard, Cooper & Gale, P.C. acted as external legal counsel for Protective in this transaction. Patterson Belknap Webb & Tyler LLP acted as external legal counsel for AUL in this transaction. Houlihan Lokey acted as financial advisor to AUL in the transaction.
About Protective Asset Protection
Protective Asset Protection has been providing Finance & Insurance solutions for the automotive industry for 60 years. We proudly serve thousands of dealerships throughout the U.S. and Puerto Rico with innovative F&I products, training, dealer participation programs and technology. Our portfolio of vehicle protection plans, GAP coverage, limited warranties and ancillary products provide opportunities to generate revenue with products that help drive customer retention and satisfaction. Protective Asset Protection is part of the financial services holding company, Protective Life Corporation. For more information about Protective Asset Protection, call 800-794-5491 or visit www.ProtectiveAssetProtection.com.
About Protective
Protective has helped people achieve protection and security in their lives for 115 years. Through its subsidiaries, Protective offers life insurance, annuity and asset protection solutions and is helping more than 12 million people protect what matters most. Protective’s more than 3,600 employees put people first and deliver on the Company’s promises to customers, partners, colleagues and communities – because we’re all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a wholly owned subsidiary of Dai‑ichi Life Holdings, Inc. (TSE:8750), has grown to about $132 billion in assets, as of Dec. 31, 2021. Protective is headquartered in Birmingham, Alabama, and supported by both robust virtual workforce and core sites in Cincinnati and St. Louis. For more information about Protective, visit www.protective.com.
About AUL Corp.
AUL Corp. founded the used car service contract industry with the introduction in 1990 of the still-famous “Any Year, Any Mileage®” vehicle service contract. The firm now offers a full suite of industry leading F&I products. AUL’s mission is to be the premier F&I provider in America by any quantifiable measurement of business activity. AUL enjoys a longstanding relationship with its underwriters, who hold an A.M. Best rating of “A” Excellent. AUL also enjoys the longest-term relationships in the industry with its agent and dealer clients, as verified by independent third-party research. To find out more, please visit www.aulcorp.com.
Contacts
Hillary Carnel
media@protective.com
(205) 268-7879
