Protective Life Corporation, an insurance company based in Birmingham, announced Wednesday it has finalized its acquisition of the Revolos family of companies.
First announced in late September 2020, the acquisition of Revolos will significantly expand Protective Life’s holdings in the asset protection sector.
“The closing of this transaction marks another milestone for Protective and an exciting new chapter in the growth of the Asset Protection Division,” said Richard Bielen, Protective’s president and chief executive officer, in a statement.
Revolos, headquartered in Atlanta, has sold over 4.6 million vehicle service contracts as of fall 2020. The company lists cars, trucks, boats, ATVs, motorcycles, trailers, snowmobiles and jet skis as examples of assets for which it offers coverage. Revolos’ website displays the slogan: “If it moves, we cover it.”
Protective Life is a wholly-owned subsidiary of Tokyo-based Dai-Ichi Life Insurance Company, which acquired the Alabama company in 2015.
The Revolos acquisition is Protective’s fifth since becoming a Dai-Ichi subsidiary, and a release noted the parent company “considers Protective to be its North American growth platform and continues to aim for further expansion in the region, through both acquisitions and organic growth in Protective’s retail sales.”
“Both Revolos and Protective have built strong organizations with a focus on meeting the needs of agents and dealers,” noted Scott Karchunas, president of Protective’s Asset Protection Division. “We are excited to welcome the Revolos team members to the Protective family—together we can continue growing and protecting more customers.”