Protective closes Portfolio deal, enhances dealer wealth, F&I solutions
In a deal first announced last October, Protective Life Corporation, a vehicle protection solutions provider, has completed the acquisition of Portfolio Holding and its subsidiaries from Abry Partners, expanding Protective’s reach across automotive, RV, powersports, and marine sectors.
The addition of Portfolio marks a significant milestone for Protective’s asset protection division, which grows the number of customers it serves while establishing a distribution network, strong service reputation, and a comprehensive suite of reinsurance and dealer wealth-building programs.
“Over the past decade, Protective Asset Protection has grown organically and through strategic acquisitions that have strengthened our position and expanded our reach. Each acquisition has contributed to the division’s evolution as an increasingly important part of Protective’s overall business mix,” says Rich Bielen, CEO of Protective.
Founded in 1990, Portfolio offers participation programs that help dealers build long-term wealth through reinsurance structures, enabling them to retain 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. The company is also an 18-time recipient of the 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,” says Jeremy Lux, CEO of Portfolio.
Protective Asset Protection supports more than 10,000 dealerships across multiple sectors with a comprehensive suite of vehicle protection plans, dealer participation programs, training, and technology. As of early 2025, the division had more than 10.9 million in-force vehicle protection plans and had paid $7.2 billion in claims.
Maynard Nexsen PC served as legal counsel to Protective, and TD Securities served as its financial adviser. Kirkland & Ellis LLP acted as legal counsel to Portfolio, and Jefferies LLC acted as its financial adviser.
