Protective Life Corporation, a U.S. subsidiary of Dai-ichi Life Holdings, Inc., has revealed that its principal subsidiary, Protective Life Insurance Company, has agreed to acquire ShelterPoint Group, Inc.
ShelterPoint is a provider of statutory disability, paid family and medical leave, as well as medical gap insurance products, among others.
The transaction is expected to close before the end of the year, pending regulatory approvals and other customary closing conditions.
Rich Bielen, President & CEO of Protective, commented, “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 White, Executive Chairman of the Board of ShelterPoint, said, “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.”
Leston Welsh, CEO of ShelterPoint, added, “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.”
