Protective Life Corp. has agreed to purchase Portfolio Holdings Inc., combining two of the nation’s leading F&I and reinsurance providers and adding to a string of major acquisitions that includes AUL, Revolos and U.S. Warranty.

The deal is expected to close at year’s end. In a release, Scott Karchunas, president of Protective’s Asset Protection division, says adding Portfolio reinforces the company’s commitment to its partners and customers.

“Portfolio is a natural fit for Protective — not only for its complementary offerings, but for its shared commitment to innovation and dealer success,” Karchunas writes. “Their approach aligns seamlessly with our mission to deliver smarter, more specialized solutions that help dealers grow and thrive.”

Founded in 1990 and based in Lake Forest, Calif., Portfolio has been owned by private equity firm Abry Partners since 2019. Protective, a division of Tokyo-based Dai-ichi Life Holdings, has been in the F&I business for more than 60 years.

“Joining with Protective opens an exciting new chapter for our team as we seek to scale our impact across the dealer community,” writes 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.”

Read more at Protective