Protective Life Insurance Company (Protective Life) has brokered a deal to purchase AUL Corp, an automotive finance and insurance provider in the US.
AUL Corp offers a wide array of finance and insurance (F&I) products including warranties, vehicle service contracts, guaranteed asset protection insurance and a suite of ancillary products.
The deal is expected to bolster Protective Life’s Asset Protection business, which safeguards clients’ investments in automobiles, recreational vehicles, watercraft and powersports vehicles.
Protective Life’s Asset Protection unit offers extended service contracts, guaranteed asset protection and ancillary products.
Protective Asset Protection president Scott Karchunas said: “AUL is an established industry leader in the automotive finance and insurance space, offering a full suite of products and services for agents and their dealers,
“Through this acquisition, we are excited to continue growing Protective Asset Protection by serving the needs of more agents, dealers and consumers across the country.”
Protective Life is a subsidiary of Protective Life Corporation, which a wholly-owned US subsidiary of Dai‑ichi Life Holdings.
The deal, which is subject to regulatory approvals, will mark Protective’s 59th acquisition till date. AUL Corp will be the sixth deal by Protective since it became part of Dai‑ichi in 2015.
AUL president and CEO Jimmy Atkinson said: “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.
“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’re excited to move forward together.”
The acquisition is expected to be closed in the second quarter of 2022.