Protective Life Corp., a U.S. subsidiary of Dai-ichi Life Holdings, entered into an agreement to acquire Portfolio Holding Inc., or Portfolio, and its subsidiaries from Abry Partners. Portfolio provides reinsurance management services and finance and insurance products for U.S. auto dealers.
Protective said the acquisition marks a milestone in strategic growth in its F&I products and services and that by integrating Portfolio’s dealer wealth programs and technology platform, it expands its ability to deliver "leading solutions that drive dealer success and customer satisfaction."
“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.”
Founded in 1990 and headquartered in Lake Forest, Calif., with offices in Dallas and Cleveland, Portfolio offers dealer participation programs designed to help dealers build long-term wealth through reinsurance structures via retention of underwriting profits and investment income. With approximately 450 employees and a national, multichannel distribution network, Portfolio serves millions of in-force customers through vehicle service contracts, gap coverage and a range of ancillary products. Portfolio is an 18-time recipient of Bobit Business Media's Dealers’ Choice Awards.
“Joining with Protective opens an exciting new chapter for our team as we seek to scale our impact across the dealer community,” said Portfolio CEO Jeremy Lux. “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.”
Protective Asset Protection has provided F&I solutions to the automotive industry since 1962 and now supports over 10,000 dealerships across multiple sectors with a suite of vehicle protection plans, dealer participation programs, training and technology. As of early 2025, the division said it had more than 10.9 million in-force vehicle protection plans and had paid $7.2 billion in claims.
Over the past decade, Protective Asset Protection has expanded its capabilities through strategic acquisitions, including AUL, Revolos and U.S. Warranty. Each has contributed to the division’s evolution as a key part of Protective’s broader business.
“Protective’s Asset Protection Division has become an increasingly important part of our business, and this acquisition marks another milestone in its evolution,” said Protective President and CEO Rich Bielen. “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 transaction is expected to close by the end of the year, subject to regulatory approvals and customary closing conditions. Until then, both companies will continue to operate independently.
The transaction is poised to mark Protective’s 61st acquisition and its eighth since becoming part of Tokyo-based Dai-ichi Life Holdings in 2015 as its North American growth platform. Dai-ichi is a global financial services organization with over $433 billion in total assets as of Dec. 31, serving customers in 10 countries.
