Protective Expands Dealer Wealth and F&I Capabilities with Acquisition of Portfolio Holding, Inc.
Protective Life Corporation (Protective), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE: 8750), has announced a definitive agreement to acquire Portfolio Holding, Inc. (Portfolio) and its subsidiaries from Abry Partners. Portfolio is a well-established provider of reinsurance management services and finance and insurance (F&I) products, serving automotive dealers nationwide.
The acquisition marks a pivotal step in Protective’s ongoing strategy to expand its presence and influence in the automotive protection and dealer services market. By integrating Portfolio’s dealer wealth programs, advanced technology platform, and distribution network, Protective aims to deliver enhanced F&I solutions that create stronger dealer profitability and customer value.
A Strategic Move to Strengthen Protective’s Asset Protection Division
The acquisition of Portfolio underscores Protective’s commitment to growing its Asset Protection Division, a core component of its diversified financial services operations. The division, which has supported the automotive industry since 1962, provides F&I products such as vehicle protection plans, dealer participation programs, and ancillary protection offerings to dealerships across the United States.
“Portfolio is a natural fit for Protective—not only because of its complementary product suite, but because of its shared dedication 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 long-term commitment to our partners and their customers.”
Through this acquisition, Protective will expand its ability to offer dealer-focused reinsurance programs, which allow dealers to build long-term wealth through participation in underwriting profits and investment income. Combining these programs with Protective’s deep experience in claims management, service delivery, and customer protection will create a comprehensive platform for dealer profitability and retention.
Portfolio: A Proven Leader in Dealer Wealth and Reinsurance Solutions
Founded in 1990 and headquartered in Lake Forest, California, with offices in Dallas, Texas, and Cleveland, Ohio, Portfolio has built a reputation as one of the most trusted names in the dealer services industry. The company specializes in dealer participation programs, providing dealers with customizable reinsurance structures that strengthen financial performance while maintaining transparency and control.
With approximately 450 employees and a nationwide, multi-channel distribution network, Portfolio currently serves millions of in-force customers. Its offerings include vehicle service contracts, GAP coverage, tire and wheel protection, and other ancillary F&I products designed to improve customer satisfaction and loyalty.
Portfolio’s excellence in dealer support has been recognized through its consistent performance — the company is an 18-time recipient of the Dealers’ Choice Awards, underscoring its long-standing dedication to customer service, technology innovation, and dealer profitability.
“Joining with Protective opens an exciting new chapter for our organization as we continue 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. Their support helped position us for long-term success. Now, through Protective’s established network and market expertise, we have a powerful platform to deliver our proven solutions to an even broader dealer base.”
Protective’s Ongoing Commitment to Growth and Innovation
Protective’s Asset Protection Division has long been a key growth driver for the company. Today, the division supports over 10,000 dealerships across multiple sectors, providing tailored F&I products and training that enhance customer satisfaction and dealer profitability.
As of early 2025, the division managed over 10.9 million in-force vehicle protection plans and had paid out approximately $7.2 billion in claims, demonstrating Protective’s commitment to delivering value and reliability for both dealers and consumers.
Over the past decade, Protective has pursued a series of strategic acquisitions to strengthen and diversify its F&I capabilities. These include the acquisitions of AUL, Revolos, and U.S. Warranty, each of which has contributed to the division’s expanded reach, product innovation, and technology integration.
The addition of Portfolio represents the next phase of this long-term strategy — expanding not just Protective’s footprint in the dealer channel, but also its ability to deliver integrated, tech-enabled solutions that empower dealers to retain customers and grow recurring revenue.
“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.”
The Role of Abry Partners and the Road Ahead
Since its investment in Portfolio, Abry Partners, a Boston-based private equity firm specializing in media, communications, and business services, has played a key role in scaling Portfolio’s operations and strengthening its leadership position in the F&I market. Under Abry’s ownership, Portfolio accelerated its technology development, broadened its product lineup, and deepened relationships with key dealer groups and distribution partners.
“Abry Partners has been instrumental in fueling our progress,” noted Lux. “Their guidance and resources helped us advance our technology, talent, and reach. With Protective’s support, we can now take those achievements to the next level.”
Following the completion of the acquisition, Portfolio’s existing leadership team is expected to remain in place, ensuring continuity for dealer partners, customers, and employees. The two companies will continue to operate independently until the close of the transaction, which is expected by the end of 2025, pending regulatory approvals and customary closing conditions.
Upon completion, the transaction will represent Protective’s 61st acquisition overall and its eighth since becoming part of Dai-ichi Life Holdings in 2015.
Dai-ichi Life Holdings: A Global Platform for Sustainable Growth
Tokyo-based Dai-ichi Life Holdings, Inc. is one of the world’s leading financial services organizations, with over $433 billion in total assets as of December 31, 2024, and operations spanning 10 countries. The company’s diversified global network includes insurance, asset management, and protection solutions serving millions of customers worldwide.
Protective serves as Dai-ichi’s North American growth platform, responsible for advancing the group’s strategy of combining organic expansion with acquisition-driven growth. Since joining Dai-ichi, Protective has successfully executed multiple strategic acquisitions that have strengthened its capabilities across insurance, retirement, and asset protection markets.
The acquisition of Portfolio fits squarely within this global strategy — expanding Dai-ichi’s footprint in the U.S. dealer services sector and reinforcing its focus on customer-centric innovation, risk management, and sustainable long-term value creation.
Transaction Advisors and Closing Details
As part of the transaction, Maynard Nexsen PC is serving as legal counsel to Protective, while TD Securities acts as its financial advisor. Kirkland & Ellis LLP is providing legal counsel to Portfolio, and Jefferies LLC serves as its financial advisor.
The financial terms of the deal have not been disclosed. However, both organizations emphasize that the partnership represents a long-term alignment of shared values and goals — uniting Protective’s scale and stability with Portfolio’s specialized expertise in dealer participation programs.
Once completed, the acquisition will further enhance Protective’s comprehensive suite of F&I and dealer wealth management solutions, creating new opportunities for innovation, efficiency, and customer value across the automotive ecosystem.
A Stronger Future for Dealers and Customers
The union of Protective and Portfolio reflects a shared vision: empowering dealers with advanced tools to build profitability and long-term value, while enhancing the ownership experience for millions of vehicle buyers.
With complementary capabilities, a shared focus on dealer success, and a mutual commitment to innovation, the two companies are positioned to set a new benchmark in the F&I landscape — one that combines financial strength, technological advancement, and service excellence to drive sustainable growth across the industry.
About Protective Asset Protection
Protective Asset Protection has been providing Finance & Insurance solutions for the automotive industry for more than 60 years. We proudly serve thousands of dealerships and financial institutions throughout the U.S. and Puerto Rico with innovative F&I products, training, dealer participation programs and technology. Our portfolio of vehicle protection plans, GAP (Guaranteed Asset Protection) coverage, limited warranties and ancillary products provide opportunities to generate revenue with products that help drive customer retention and satisfaction. Protective Asset Protection is part of the financial services holding company, Protective Life Corporation. For more information about Protective Asset Protection, call 800-794-5491 or visit protectiveassetprotection.com.
About Protective
Protective Life Corporation has helped people achieve protection and security in their lives for 118 years. Through its subsidiaries, Protective offers life insurance, annuity, asset protection and employee benefit solutions and is helping nearly 17 million people protect what matters most. more than 3,500 employees put people first and deliver on the company’s promises to customers, partners, colleagues and communities—because we’re all protectors.
With a long-term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, Inc., has $125 billion in assets, as of Dec. 31, 2024. Protective is headquartered in Birmingham, Alabama, and is supported by a robust virtual workforce and core sites in the greater Cincinnati area and St. Louis. For more information about, visit protective.com.
About Portfolio
Founded in 1990, Portfolio’s primary business is turnkey reinsurance management of vehicle service contracts, warranties and other F&I products sold in the automotive dealership. Its top executives have specialized in reinsurance since the origination of the concept over 30 years ago. Portfolio is marketed to dealers through a nationwide network of professional independent agents and reinsurance specialists. The company also administers reinsured and non-reinsured warranty programs for other markets. Portfolio is headquartered in Lake Forest, CA, with offices in Dallas, TX, and Cleveland, OH. More can be learned about Portfolio at www.PortfolioReinsurance.com.
About Abry Partners
Abry Partners is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages $17 billion of assets across several fund strategies.
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