Protective to acquire ShelterPoint
Protective Life announced that its principal subsidiary, Protective Life Insurance Company, entered into an agreement to acquire ShelterPoint Group, a provider of statutory disability, paid family and medical leave, as well as medical gap insurance products, among others. ShelterPoint Group is the holding company of ShelterPoint Life Insurance Company and its wholly owned subsidiary ShelterPoint Insurance Company.
Founded in 1972, ShelterPoint claims to be New York’s largest carrier of statutory short-term disability. The company has a relationship with ~200k businesses and provides insurance and income replacement products to nearly two million individuals across the country.
ShelterPoint is actively expanding into other states as part of its geographic and product expansion strategy in the paid family and medical leave space.
Once closed, the transaction will mark Protective’s 60th acquisition. It will be the seventh deal completed since Protective became a part of Tokyo-based Dai‑ichi in 2015.
The transaction is expected to close before the end of the year, pending regulatory approvals and other customary closing conditions.
“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. We look forward to welcoming ShelterPoint’s customers and the company’s talented teammates to Protective upon closing.” – Rich Bielen, President & 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.” – Rich White, Executive Chairman of the Board of ShelterPoint.
“This transaction will ring in and accelerate an inspiring new chapter for our company. At the same time, this transaction is expected to empower ShelterPoint to even further enhance its longstanding DBL/PFL capabilities2 that customers have come to trust and rely on when needing to take leave.” – Leston Welsh, CEO of ShelterPoint.
