Nov. 1, 2024 (Birmingham, Ala.) - ShelterPoint Group, Inc., the holding company of ShelterPoint Life Insurance Company and its wholly-owned subsidiary, ShelterPoint Insurance Company (together “ShelterPoint”), has been acquired by Protective Life Insurance Company, the primary operating subsidiary of Protective Life Corporation (together “Protective”). Protective, the U.S. platform of Dai-ichi Life Holdings, Inc. (“Dai-ichi”; TSE:8750), provides life insurance, annuity and asset protection solutions to more than 14.4 million people.
“ShelterPoint and Protective share a common vision to grow and protect more people during life’s most critical moments. We are excited to become part of this great company and look forward to leveraging each other’s strengths as we work toward our goals and continue delivering an exceptional customer experience to those who have trusted us with their care,” added ShelterPoint’s CEO Leston Welsh, who joins Protective as SVP, President, Employee Benefits.
The merger better positions both ShelterPoint and Protective for future growth.
“As a leader in the employee benefits space with a strong commitment to customer service, ShelterPoint stood out as a great business for Protective to add to our already diversified
product mix. We welcome ShelterPoint’s teammates to the Protective family and look forward to continuing ShelterPoint’s great customer care to its more than two million customers,” said Rich Bielen, President & CEO of Protective.
“Today marks a special milestone in Protective’s story as we add a new business line to our portfolio,” added Wade Harrison, EVP, Chief Retail Officer for Protective. “ShelterPoint is a well-known leader in the employee benefits industry, and we are thrilled about the opportunities it brings. Most importantly, we remain committed to maintaining the exceptional service and quality this team has established during its more than 50 years of service.”
This transaction represents Protective’s 60th acquisition and its seventh acquisition completed since Protective became part of Dai-ichi in 2015.
Serving as external legal counsel for Protective were Kirkland & Ellis LLP and Maynard Nexsen PC. ShelterPoint is a portfolio company of Eos Partners and its affiliates, a New York based private investment firm. ShelterPoint was represented by Winston & Strawn LLP and Katten Muchin Rosenman LLP. Financial advisors for this deal included Fenchurch Advisory Partners US LP for Protective and Goldman Sachs & Co. LLC for ShelterPoint.
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The ShelterPoint family of companies consists of ShelterPoint Life Insurance Company (principal office in Garden City, NY) and its wholly owned subsidiary, ShelterPoint Insurance Company (a FL-domiciled carrier). The ShelterPoint family of companies operates under the “ShelterPoint” name strictly as a marketing name, and no legal significance is expressed or implied. ShelterPoint’s holding company, ShelterPoint Group, Inc., is not a licensed insurance entity. ShelterPoint specializes in statutory benefit programs in the Paid Family and Medical Leave (PFML) space in a growing number of states. Since 1972, ShelterPoint Life specifically, has evolved into a leader in PFML.1 As a result, more than 196,000 employers with 2 million employees1 trust the company to help them strike the right balance between coverage and cost to comply with state regulations and complete their benefit equation. For more information about ShelterPoint, please visit www.ShelterPoint.com.
1Milliman Research Report, 2023 U.S. Group Disability Survey, July 2024 – applies to ShelterPoint Life Insurance Company only.
This press release contains forward-looking statements and information – that is, statements related to future, not past, events. Such statements are based on the current expectations and certain assumptions of the management of the companies involved, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond their control, affect their operations, performance, business strategy, and results and could cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Risks may include, but are not limited to uncertainties in connection with: disposing of business activities, certain strategic reorientation measures; the performance of its equity interests and strategic alliances; the challenge of integrating major acquisitions, implementing joint ventures, and other significant portfolio measures; the introduction of competing products or technologies by other companies or market entries by new competitors; changing competitive dynamics; the risk that new products or services will not be accepted by customers targeted by the company and its subsidiaries; changes in business strategy; its relationships with governmental bodies and customers; developments in the health care market, legislation, and regulation; changes to the independent insurance broker/agent industry; approvals of the New York State Department of Financial Services and Insurance Departments of other states; and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the relevant forward-looking statement as expected, anticipated, intended, planned, believed, sought, estimated or projected. The companies neither intend to, nor assumes any obligation to, update or revise these forward-looking statements in light of developments that differ from those anticipated.