Protective Life, a U.S. subsidiary of Japan’s Dai-ichi Life Holdings, has agreed to acquire Portfolio Holding and its subsidiaries from private equity firm Abry Partners.
The deal represents Protective’s 61st acquisition overall and its eighth since joining Dai-ichi Life Holdings in 2015, further strengthening its presence in finance and insurance (F&I) solutions across automotive, RV, powersports, and marine sectors.
Based in Lake Forest, California, Portfolio provides reinsurance management services and F&I products to dealerships nationwide. The company’s platform enables dealers to build long-term wealth through reinsurance structures that allow them to retain underwriting profits and investment income. With about 450 employees and a broad distribution network, Portfolio serves millions of in-force customers and has been recognized 18 times with Dealers’ Choice Awards for its excellence in dealer services.
Protective said the acquisition enhances its ability to integrate Portfolio’s dealer wealth programs and technology platform, expanding its F&I product suite and support infrastructure for more than 10,000 dealerships. Protective Asset Protection, a division of Protective Life, has been active in the automotive industry since 1962, maintaining over 10.9 million in-force vehicle protection plans and having paid out $7.2 billion in claims as of early 2025.
Over the past decade, Protective has steadily built its F&I capabilities through strategic acquisitions, including AUL, Revolos, and U.S. Warranty. The addition of Portfolio continues this trajectory, reinforcing the company’s role as Dai-ichi Life’s growth platform in North America.
The deal is expected to close by the end of 2025, pending regulatory approvals and customary conditions. Until completion, both companies will continue to operate independently. Maynard Nexsen PC and TD Securities advised Protective on the transaction, while Kirkland & Ellis LLP and Jefferies LLC represented Portfolio.
KEY QUOTES:
“Portfolio is a natural fit for Protective—not only for its complementary offerings, but for its shared commitment to innovation and dealer success. 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.”
Scott Karchunas, President of Protective’s Asset Protection Division
“Joining with Protective opens an exciting new chapter for our team as we seek to scale our impact across the dealer community. 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.”
Jeremy Lux, CEO of Portfolio
“Protective’s Asset Protection Division has become an increasingly important part of our business, and this acquisition marks another milestone in its evolution. 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.”
Rich Bielen, President and CEO of Protective
