Protective Life Corp., a U.S. subsidiary of Dai-ichi Life Holdings, Inc., has entered into an agreement to acquire Portfolio Holding, Inc. and its subsidiaries from Abry Partners.
Portfolio is a leading provider of reinsurance management services and F&I products for dealers nationwide. The company owns the National Automotive Experts and NWAN brands, which were acquired in 2020.
Protective said the acquisition marks a milestone in the company’s strategic growth within its F&I products and services. Over the past decade, Protective Asset Protection has expanded its capabilities through strategic acquisitions, including U.S. Warranty Corporation.
Protective Asset Protection Division President Scott Karchunas said Portfolio is a natural fit to join Protective.
“Their approach aligns seamlessly with our mission to deliver smarter, more specialized solutions that help dealers grow and thrive,” Karchunas said. “Together, we are expanding what is possible in F&I and reinforcing our commitment to long-term value for our partners and their customers.”
Portfolio was founded in 1990 and is headquartered in Lake Forest, California. The company provides dealer F&I participation programs. Portfolio has approximately 450 employees and a national, multi-channel distribution network. The company provides vehicle service contracts, GAP coverage and a broad range of ancillary products.
Portfolio CEO Jeremy Lux said joining Protective will assist Portfolio in scaling its impact on 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,” Lux said. “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.”
Protective Asset Protection has provided F&I solutions to the automotive industry since 1962. Today, it supports over 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.
Protective President and CEO Rich Beielen said, “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.”
The transaction is expected to close by the end of the year, subject to regulatory approvals and customary closing conditions. Until then, both companies will continue to operate independently.
