Business Alabama: Protective Life acquires New York-based insurance company

Birmingham-based Protective Life Corp., a subsidiary of Dai-ichi Life Holdings Inc., is acquiring ShelterPoint Group Inc., a New York-based holding company of ShelterPoint Life Insurance Co.

ShelterPoint is a provider of disability benefits and paid family leave insurance, which employers are required to provide under New York state law. ShelterPoint also has been actively expanding. Through its relationships with approximately 200,000 businesses, ShelterPoint currently provides insurance and income replacement products to nearly 2 million individuals across the United States.

Once closed, pending regulatory approvals and customary closing conditions, it will be the seventh deal completed since Protective became a part of Tokyo-based Dai-ichi in 2015. Dai-ichi has more than $463 billion in total assets as of Dec. 31, 2023 and serves customers in 10 countries, with Protective as its U.S.-based subsidiary.