Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), today announced it has reached an agreement to acquire the Revolos family of companies.
"Protective’s Asset Protection Division is an important—and growing—part of our business," said Rich Bielen, President & CEO, Protective. "As we continue to navigate the uncertain situation posed by COVID-19, we remain focused on serving more customers. This transaction aligns well with our plans to build on our strong foundation and protect more people in the future by growing both organically and through acquisitions."
"Protective is a well-known, respected and leading provider of finance and insurance (F&I) solutions to the markets we serve," said Rich Holland, CEO, Revolos. "Becoming part of the Protective family is an exciting step on our company’s journey, and we look forward to the benefits this opportunity will provide our team members, partners and customers."
Protective Asset Protection has been providing F&I solutions to the automotive industry for over 55 years. Its programs include, among others, extended service contracts, guaranteed asset protection (GAP) and ancillary products to protect consumers’ investments in automobiles, recreational vehicles, watercraft and powersports vehicles. Protective Asset Protection also 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. Revolos is a diversified, full-service F&I provider that offers a suite of products that complement Protective’s existing portfolio and distribution channels.
"Revolos has built a strong organization with a focus on meeting the needs of agents, dealers and financial institutions," said Scott Karchunas, President, Protective Asset Protection. "We are excited about the opportunity to grow market share and protect more customers by adding Revolos’ complementary product portfolio and distribution channels to our current business lines."
When closed, this transaction will represent Protective’s 58th acquisition. It will be the fifth transaction completed since Protective became part of Dai-ichi Holdings in 2015. Dai-ichi, a global leader with over $548 billion in total assets, considers Protective to be its North American growth 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 first quarter 2021.
Maynard, Cooper & Gale, P.C. acted as external legal counsel for Protective in this transaction. Reed Smith LLP acted as external legal counsel for Revolos in this transaction. Houlihan Lokey acted as Financial Advisor to Revolos in the transaction.
About Protective Asset Protection
Protective Asset Protection provides vehicle protection plans, GAP and ancillary products through vehicle dealerships. Protective Asset Protection has been serving dealers for more than 55 years and currently provides products and services to automobile, marine, RV and powersports dealers. Protective Asset Protection is part of the financial services holding company, Protective Life Corporation. For more information about Protective Asset Protection call 800-323-5771, or visit www.ProtectiveAssetProtection.com.
About Protective Life Corporation
Protective Life Corporation (Protective) provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. Protective traces its roots to its flagship company, Protective Life Insurance Company – founded in 1907. Throughout its more than 110-year history, Protective’s growth and success can be largely attributed to its ongoing commitment to serving people and doing the right thing – for its employees, distributors, and most importantly, its customers. Protective’s home office is located in Birmingham, Alabama, and its 3,000+ employees are located across the United States. As of June 30, 2020, Protective had assets of approximately $123 billion. Protective Life Corporation is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750). For more information about Protective, please visit www.Protective.com.
Revolos (formerly INDS, Interstate National, NWC, and PIPI companies), headquartered in Atlanta, Georgia, is a Finance & Insurance solutions provider that offers producers over 40 years of experience, over 4.6 million vehicle service contracts sold, and $1.1 billion in paid claims to over 1.8 million consumers. In addition, Revolos partners with over 3,000 dealers, agents, and financial institutions nationwide, and has distributed over one‐quarter of a billion dollars in underwriting gains and investment income. For more information, visit www.revolos.com.