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
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).
For more information on Protective Life Corporation, please visit www.protective.com.
For more information about Asset Protection visit www.protectiveassetprotection.com.