Protective Life Corp.’s principal subsidiary, Protective Life Insurance Company, has entered into an agreement to acquire leading automotive finance and insurance provider AUL Corp.
“With a national footprint of agents and dealers, an experienced team in the vehicle service contract business in addition to distribution channel growth opportunities in the higher-mileage and the financial institutions space, AUL’s product portfolio is a strong complement to Protective’s Asset Protection Division,” said Rich Bielen, president and CEO of Protective. “Our Asset Protection Division has grown steadily over recent years through both acquisitions and organic growth. It continues to be a very important part of our business, and we look forward to continuing the momentum with the acquisition of AUL.”
Protective Asset Protection’s offerings include, among others, extended service contracts, guaranteed asset protection and ancillary products to protect consumers’ investments in RVs and other vehicles and powersports. In addition, Protective Asset Protection, which has served customers for 60 years, offers a robust portfolio of dealer participation programs, training and technology solutions through a network of general agents as well as a direct sales force.
Founded in 1990, AUL, a pioneer in the used car service contract industry, offers various finance and insurance products including warranties, vehicle service contracts, guaranteed asset protection insurance and a suite of ancillary products.
“AUL is excited about the opportunity to join the Protective family. Combining Protective’s resources and reach with our rapidly growing platform will enable us to provide more robust solutions for our agents and dealers,” said Jimmy Atkinson, president and CEO of AUL. “Protective and AUL also align in our focus on culture and opportunities for our employees, contributions to our communities and award‑winning customer service. We are excited to move forward together.”
Subject to the receipt of regulatory approvals and satisfaction of customary closing conditions, the acquisition is expected to close in the second quarter.
