Protective Life to acquire AUL
Protective Life, a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, announced that its principal subsidiary, Protective Life Insurance Company, has entered into an agreement to acquire automotive finance and insurance provider AUL Corp.
Founded in 1990, AUL offers a variety of finance and insurance products including warranties, vehicle service contracts, guaranteed asset protection insurance and a suite of ancillary products.
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.
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.
“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.” – Rich Bielen, president and CEO of Protective.
“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. 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.” – Jimmy Atkinson, president and CEO of AUL.
“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. 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.” – Scott Karchunas, president of Protective Asset Protection.