Protective Expands F&I Leadership with Acquisition of Portfolio, Strengthening Dealer Wealth and Reinsurance Capabilities
Protective Life Corporation (Protective), a leading U.S. insurance and financial services company and a subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), has announced an agreement to acquire Portfolio Holding, Inc. (Portfolio) and its subsidiaries from Abry Partners. The transaction represents a major step forward in Protective’s long-term growth strategy and reinforces its commitment to expanding its Finance & Insurance (F&I) product portfolio and dealer support services.
Strengthening Leadership in Dealer-Focused Solutions
Portfolio is widely recognized as a premier provider of reinsurance management services and F&I products for dealerships nationwide. Through this acquisition, Protective aims to integrate Portfolio’s well-established dealer wealth programs, advanced technology platforms, and deep customer relationships into its own operations—creating a more comprehensive suite of solutions for automotive, powersports, and recreational dealers.
“Portfolio is a natural fit for Protective—not only for its complementary offerings, but for its shared commitment to innovation and dealer success,” said Scott Karchunas, President of Protective’s Asset Protection Division. “Their approach aligns seamlessly with our mission to deliver smarter, more specialized solutions that help dealers grow and thrive. Together, we’re expanding what’s possible in F&I and reinforcing our commitment to long-term value for our partners and their customers.”
By uniting with Portfolio, Protective strengthens its ability to provide end-to-end protection products that help dealers enhance profitability, optimize reinsurance structures, and increase customer satisfaction—all while expanding the overall scope of its Asset Protection business.
A Proven Legacy of Dealer Wealth Building
Founded in 1990 and headquartered in Lake Forest, California, Portfolio has built a strong reputation for empowering dealerships through dealer participation and reinsurance programs. These programs allow dealers to retain underwriting profits and investment income—helping them build long-term wealth while maintaining alignment with customer needs.
Portfolio employs approximately 450 professionals across offices in California, Texas (Dallas), and Ohio (Cleveland), serving millions of in-force customers through vehicle service contracts, Guaranteed Asset Protection (GAP) coverage, and a diverse range of ancillary protection products. The company’s extensive, multi-channel distribution network ensures a wide reach across the U.S. dealer landscape.
Portfolio’s consistent commitment to dealer success has earned it recognition as an 18-time recipient of the Dealers’ Choice Awards, underscoring its industry-leading standards in service quality, program performance, and support excellence.
Strategic Synergy and Shared Vision for Growth
“Joining with Protective opens an exciting new chapter for our team as we seek to scale our impact across the dealer community,” said Jeremy Lux, CEO of Portfolio. “Abry Partners has been an outstanding partner in accelerating our growth and innovation capabilities and played a critical role in positioning us for long-term success. Now, through Protective’s established network and market expertise, we have a powerful platform to enable us to deliver our proven solutions to a broader dealer base.”
For Abry Partners, the sale reflects the culmination of a successful partnership that helped Portfolio achieve significant technological innovation, product diversification, and operational expansion over recent years. The transition to Protective represents a natural evolution for Portfolio, aligning it with a global organization known for its long-term stability, growth focus, and dedication to customer protection.
Expanding Protective’s Asset Protection Division
Protective’s Asset Protection Division has been a cornerstone of the company’s business since 1962, offering a comprehensive portfolio of F&I products, dealer participation programs, training, and technology-driven solutions. Today, the division supports over 10,000 dealerships across multiple industries—including automotive, marine, powersports, and recreational vehicles.
As of early 2025, the division maintained more than 10.9 million active vehicle protection plans and had paid over $7.2 billion in claims, demonstrating its enduring role in safeguarding both customers and dealer partners.
Over the past decade, Protective has steadily expanded its capabilities through a series of strategic acquisitions, including AUL, Revolos, and U.S. Warranty. Each integration has strengthened its product diversity, market reach, and ability to deliver high-value protection programs. The addition of Portfolio continues this trajectory—marking a significant expansion of Protective’s reinsurance expertise and dealer support infrastructure.
CEO Perspective: A Long-Term Commitment to Protection and Growth
“Protective’s Asset Protection Division has become an increasingly important part of our business, and this acquisition marks another milestone in its evolution,” said Rich Bielen, President and CEO of Protective Life Corporation. “Portfolio brings a strong track record in dealer wealth programs and a deep understanding of what it takes to help dealers succeed. While life insurance and annuities remain the foundation of our company, expanding our Asset Protection Division enhances our ability to protect more customers and deliver enduring value.”
Bielen emphasized that the acquisition supports Protective’s broader goal of combining financial strength with innovative protection solutions to serve customers across all stages of life—whether through traditional insurance products or cutting-edge F&I offerings designed for the modern mobility landscape.
Transaction Details and Future Outlook
The transaction is expected to close by the end of 2025, subject to customary regulatory approvals and closing conditions. Until then, Protective and Portfolio will continue to operate independently, ensuring continuity for clients, employees, and partners throughout the transition period.
Upon completion, this deal will represent Protective’s 61st acquisition—and its eighth since joining Dai-ichi Life Holdings in 2015. This continued acquisition activity underscores Protective’s disciplined growth strategy and its alignment with Dai-ichi’s long-term global expansion vision.
Dai-ichi Life Holdings, headquartered in Tokyo, is a global financial services organization with over $433 billion in total assets as of December 31, 2024, serving customers across 10 countries. Since its acquisition by Dai-ichi, Protective has become the group’s North American growth platform, leveraging both organic initiatives and strategic acquisitions to scale its reach across key markets in the U.S. and beyond.
Legal and Financial Advisors
For the transaction, Maynard Nexsen PC is serving as legal counsel to Protective, while TD Securities acts as its financial advisor. On the other side, Kirkland & Ellis LLP serves as legal counsel to Portfolio, with Jefferies LLC acting as its financial advisor.
A Shared Future Built on Trust, Innovation, and Dealer Success
The acquisition of Portfolio by Protective is more than a financial transaction—it represents the merging of two organizations deeply committed to empowering dealers and protecting customers. Together, they will be positioned to drive innovation across the F&I landscape, offering more flexible dealer participation structures, deeper reinsurance expertise, and enhanced digital tools that improve transparency and efficiency.
Through this partnership, Protective aims to set a new benchmark in how F&I providers collaborate with dealerships to build lasting value. As dealers face evolving consumer expectations and new automotive technologies, the combined strengths of Protective and Portfolio will enable them to stay competitive, profitable, and customer-focused.
Ultimately, this union reinforces Protective’s reputation as one of the most trusted names in asset protection, while giving Portfolio a broader platform to scale its solutions across North America. Both companies share a common goal—to ensure that every dealer, partner, and customer benefits from protection that endures, innovation that matters, and partnerships that deliver long-term success.
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