Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, has agreed to acquire automotive finance and insurance provider AUL Corp.
Through its subsidiaries, Protective offers life insurance, annuity and asset protection solutions.
AUL offers a suite of finance and insurance (F&I) products, with the mission to be the premier F&I provider in America.
Rich Bielen, president and CEO of Protective, said, “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.
“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.”
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, which has over $588bn 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 regulatory approvals and customary closing conditions, the closing of the acquisition is expected to occur in the second quarter of 2022.
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