BIRMINGHAM, Ala.--(BUSINESS WIRE)--Protective Life Corporation (“Protective”) has reached an agreement through its wholly owned subsidiary, Protective Life Insurance Company, to acquire the Pompano Beach, Florida-based USWC Holding Company and its affiliated operating subsidiaries (“USWC” or “Company”) via a stock purchase agreement (the “Acquisition”). The Acquisition is subject to receipt of standard regulatory approvals and satisfaction of customary closing conditions.
USWC, whose primary operating subsidiary is United States Warranty Corp. currently markets vehicle service contracts, GAP coverage and a suite of ancillary automotive maintenance and protection products nationwide. The Company’s marketing footprint and product suite complement Protective’s Asset Protection line of business. The Acquisition is expected to provide the combined entities with expanded market reach, enhanced product and operational capabilities, and higher collective growth potential. USWC will continue to operate from its current Pompano Beach, Florida location and the existing Company leadership and employees will join Protective and continue to manage USWC as part of the transaction.
Richard J. Bielen, Protective’s President and Chief Operating Officer commented, “Under the leadership of Scott Karchunas, our Asset Protection line of business has been performing well and this transaction is a great way to grow the line of business. The two companies both have a history of quality and success, so putting them together creates the potential for the business to grow even stronger and serve more dealerships with these important products. We are pleased to have the USWC team become part of Protective.”
Closing is anticipated to occur on or after November 1, 2016. Upon closing, the acquisition will be counted among a very long and successful track record of acquisitions by Protective that includes 48 life insurance acquisitions and six previous acquisitions in the Asset Protection business segment.
Maynard, Cooper & Gale, P.C. acted as external legal counsel for Protective Life Corporation in this transaction. Sandler O’Neill + Partners, L.P. acted as financial advisor to USWC and Greenspoon Marder, P.A. provided external legal counsel.
ABOUT PROTECTIVE LIFE CORPORATION
Protective Life Corporation provides financial services through the production, distribution and administration of insurance, investment, and asset protection products throughout the U.S. The flagship subsidiary, Protective Life Insurance Company, was founded in 1907. Protective’s home office is located in Birmingham, Alabama. As of December 31, 2015 the Company had assets of approximately $68.5 billion. Protective Life Corporation is a wholly owned subsidiary of The Dai-ichi Life Insurance Company, Limited (TSE:8750).